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

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

Explanation:

Description                                                Amount  

1Income Tax Liability                                 $ 3,525  

2Other Taxes                                                       -    

3Total Taxes                                                 $ 3,525  

4Credits (Child Tax)                                         $ 2,000  

5Prepayments (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  

A public in-state college charges less for in-state tuition than for out-of-state tuition.

Tara will most likely have to pay room and board expenses at an out-of-state public college, but might be able to commute to a public college in state.