Amishi had a tax liability of $5,985 last year. In addition, she owed other taxes of...

Amishi had a tax liability of $5,985 last year. In addition, she owed other taxes of $733. She was entitled to tax credits of $648 and withholding amounted to $480 per month.

Calculate the amount of the refund or the amount of additional taxes due (as the case may be).

Enter this amount followed by the word 'Refund' or the word 'Due'. Example: 822 Due

Solutions

Expert Solution

Steps: 1 First we should deduct tax credits from tax liablity

Steps 2 Now add other taxes due to the tax liability.

Steps 3 now make a comparison of total taxes vs withholdings, if tax is more there is a additional taxes de, otherwise there is a refund

Tax Liability	$5,985
Less: Tax credits	648
	5,337
Add: Other taxes	733
Total taxes	6,070

Withholding ($480 x 12)	$ 5,760

Taxes > Withholding, it’s a tax due
(6070-5760)	$ 310	Due

ekkarill92 answered 1 year ago

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