Required: Sheniqua, a single taxpayer, had taxable income of $91,879. Her employer withheld $15,974 in federal income tax from her paychecks throughout the year. What is the amount of refund would Sheniqua receive or additional tax she would pay? (Input your answer as a positive number.) Use the appropriate Tax Tables Additional tax due Charles and Joan Thompson file a joint return. In 2019, they had taxable income of $102,040 and paid tax of $14,328. Charles is an advertising executive, and Joan is a college professor. During the fall 2020 semester, Joan is planning to take a leave of absence without pay. The Thompsons expect their taxable income to drop to $83,000 in 2020. They expect their 2020 tax liability will be $9,983, which will be the approximate amount of their withholding. Joan anticipates that she will work on academic research during the fall semester. During September, Joan decides to perform consulting services for some local businesses. Charles and Joan had not anticipated this development. Joan is paid a total of $41,500 during October, November, and December for her work. Use the appropriate Tax Rate Schedules. Required: a. What estimated tax payments are Charles and Joan required to make, if any, for tax year 2020? Answer is complete but not entirely correct. Estimated tax payments required $ 0 b. Do you anticipate that the Thompsons will be required to pay an underpayment penalty when they file their 2020 tax return? Assume that Charles and Joan made the estimated payment as determined in requirement a. Yes No 7 1 2020 Federal Income Tax Information 2020 Federal Tax Rate Schedules Schedule X-Single If taxable income is over: $0 $ 9,875 $ 40,125 But not over: 10% of taxable income $9,875 $ 40,125 $ 85,525 $ 163,300 $207,350 $ 85,525 $ 163,300 $207,350 $518,400 $ 518,400 The tax is: $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 $47,367.50 plus 35% of the excess over $207,350 $156,235.00 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $0 $ 19,750 $ 80,250 $171,050 $ 326,600 $414,700 $ 622,050 $ 19,750 $ 80,250 $ 171,050 $ 326,600 $414,700 $ 622,050 10% of taxable income The tax is: $1,975.00 plus 12% of the excess over $19,750 $9,235.00 plus 22% of the excess over $80,250 $29,211.00 plus 24% of the excess over $171,050 $66,543.00 plus 32% of the excess over $326,600 $94,735.00 plus 35% of the excess over $414,700 $167,307.50 plus 37% of the excess over $622,050 Schedule Y-2-Married Filing Separately If taxable income is over: $ 0 $ 9,875 $40,125 $ 85,525 $ 163,300 $207,350 $311,025 But not over: $9,875 $ 40,125 $ 85,525 $ 163,300 $ 207,350 $311,025 Schedule Z-Head of Household 10% of taxable income The tax is: $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 $47,367.50 plus 35% of the excess over $207,350 $83,653.75 plus 37% of the excess over $311,025 $ 14,100 $53,700 If taxable income is over: $ 0 But not over: $ 14,100 $53,700 $ 85,500 $ 163,300 $ 85,500 $ 163,300 10% of taxable income The tax is: $1,410.00 plus 12% of the excess over $14,100 $6,162.00 plus 22% of the excess over $53,700 $13,158.00 plus 24% of the excess over $85,500 $31,830.00 plus 32% of the excess over $163,300 s://ezto-cf-media.mheducation.com/Media/Connect_Production/bne/cruz 14e/2020taxrateschedule.htm $ 207,350 If taxable income is over: $ 207,350 But not over: $ 518,400 $ 518,400 uz14e/2020taxratesch The tax is: $45,926.00 plus 35% of the excess over $207,350 $154,793.50 plus 37% of the excess over $518,400