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kkurt [141]
3 years ago
10

Tiffany is unmarried and has a 15-year-old qualifying child. Tiffany has determined her tax liability to be $3,525, and her empl

oyer has withheld $1,500 of federal taxes from her paycheck. Tiffany is allowed to claim a $2,000 child tax credit for her qualifying child What amount of taxes will Tiffany owe (or what amount will she receive as a refund) when she files her tax return?
Description Amount
(1) Income tax liability
(2) Other taxes
(3) Total tax
(4) Credits
(5) Prepayments Tax due with return
Business
1 answer:
Elanso [62]3 years ago
6 0

Answer:

The amount of taxes will Tiffany owe when she files her tax return is $25

Explanation:

Description                                                Amount  

1 Income Tax Liability                                 $ 3,525  

2 Other Taxes                                                       -    

3 Total Taxes                                                 $ 3,525  

4 Credits (Child Tax)                                         $ 2,000  

5 Prepayments (Employer Withheld)         $ 1,500  

Tax Due with Returns                                         $   25  

Note: Employer withheld $ 1,500 and he will deposit the same to government so this amount is eligible as prepayment  

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