Robert had a tax liability of $6,943 last year. In addition, he owed other taxes of $509. He was entitled to tax credits of $642 and withholding amounted to $610 per month. Calculate the amount of the refund or the amount of additional taxes due (as the case may be).

Question

Quizplus · Accepted Answer

The total amount withheld is $610 x 12 = $7,320. The total amount of taxes owed is $6,943 + $509 = $7,452. The amount of the refund is $7,320 - $7,452 = $510.

Robert Had a Tax Liability of $6,943 Last Year