Question

James had $15,345.21 withheld from his income one year. He

realized that he only owed $12,971.98 for taxes for the year.

How much will his tax refund be?

Answer 1

$2,373.23

Explanation:

-Tax refund is determined by comparing your total income tax to the amount that was withheld for federal income tax.

-Assuming that the amount withheld for federal income tax was greater than your income tax for the year, you will receive a refund for the difference.

#Refund =Withheld -Actual Tax liability=$15345.21-$12971.98=$2,373.23

Hence James' tax refund will be $2,373.23