Saji and Henry Lozano are married for all of 2023 and have an AGI of $130,000, taxable income of $120,000 and calculated income tax liability of $50,000. Their income tax liability in 2022 was $40,000, and they made the minimum amount of withholding and estimated income tax payments to ensure that they will not be subject to any estimated tax penalties. In addition, they had $5,700 withheld from their wages for their portion of Social Security and Medicare taxes and they maintained a home for Saji’s dependent 85 year old father. They have one child, Joshua, who is 15 years old and meets the requirements of a qualifying child. During the year they spend $10,000 on a nanny to watch him while they are both at work. What is the Lozano’s net tax due(refunded) for 2023?

To calculate the Lozano's net tax due or refund for 2023, we need to consider their tax liability, withholdings, credits, and any other relevant tax payments or deductions. 1. **Tax Liability**: They have a calculated income tax liability of $50,000. 2. **Withholdings and Estimated Payments**: They made the minimum amount of withholding and estimated income tax payments to avoid penalties. This means they would have paid at least the smaller of: - 100% of the tax shown on their 2022 tax return (110% if their AGI was over $150,000, which it was not), which is $40,000. - 90% of the tax for 2023, which would be $45,000 (90% of $50,000). Since we don't have the exact amount they paid, we'll assume they paid the minimum of these two, which is $40,000. 3. **Social Security and Medicare Taxes**: The $5,700 withheld for Social Security and Medicare taxes (FICA taxes) is separate from their income tax liability and does not reduce the income tax due. 4. **Dependents**: They maintained a home for Saji’s dependent father, which may qualify them for a credit or deduction, but without specific information on credits or deductions for dependents, we cannot calculate this. 5. **Child and Dependent Care Credit**: They spent $10,000 on

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