Asked by Krupa Patel on May 02, 2024
Verified
Victoria determined her tax liability was $6,145.Her employer withheld $6,451 from her paychecks during the year.Victoria's tax return would show:
A) A refund of $306.
B) A refund of $6,451.
C) Tax due of $306.
D) Tax due of $6,145.
Tax Liability
The total amount of tax that an individual or corporation is legally obligated to pay to a taxing authority.
Employers Withhold
The practice of employers deducting a portion of employees' wages or salaries for tax purposes before issuing the net amount to the employee.
Tax Return
The form(s) filed with a taxing authority that reports income, expenses, and other pertinent tax information, used to calculate tax liability.
- Figure out fundamental tax impositions and perceive the elements dictating them.
Verified Answer
GM
Godfrey MawereMay 05, 2024
Final Answer :
A
Explanation :
Victoria's tax liability is less than what was withheld from her paychecks. Therefore, she overpaid her taxes and is eligible for a refund. The amount of overpayment is $6,451 - $6,145 = $306. The correct answer is therefore A) A refund of $306.
Learning Objectives
- Figure out fundamental tax impositions and perceive the elements dictating them.