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. H

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?

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Kylie 3 weeks 2021-09-21T14:32:40+00:00 1 Answer 0

Answers ( )

    0
    2021-09-21T14:33:52+00:00

    Answer:

    $2,373.23

    Step-by-step 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

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