Figure 4-1

-Refer to Figure 4-1.If Tony and Liz owe $3,296 in taxes on their taxable income what is their final tax liability after taking the credits for which they qualify?

Question

Figure 4-1

-Refer to Figure 4-1.If Tony and Liz owe $3,296 in taxes on their taxable income what is their final tax liability after taking the credits for which they qualify?

Quizplus · Accepted Answer

The final tax liability is calculated by subtracting any tax credits from the initial tax owed. If Tony and Liz owe $3,296 and qualify for $2,000 in tax credits, their final tax liability would be $3,296 - $2,000 = $1,296.

Figure 4-1 -Refer to Figure 4-1.If Tony and Liz Owe $3,296 in Owe