Question

Jamison's gross tax liability is $7,600. Jamison had $2,850 of available credits and he had $4,305 of taxes withheld by his employer. What is Jamison's taxes due (or taxes refunded) with his tax return?

$3,295 taxes due.

$4,750 taxes due.

$445 tax refund.

$445 taxes due.

Answer 1

$445 taxes due.

Step-by-step explanation:

The taxes due or refund by Jamison's shall be determined using the following formula:

Taxes due or refund=gross tax liability-available credits-taxes withheld

If the answer to above mentioned equation is positive then the taxes will be due but if the answer to the above mentioned equation is negative, then the taxes will be refund.

Taxes due/refund=$7,600-$2,850-$4,305

=$445

Since the above answer is positive, it will be $445 taxes due.