martha has a tax liability of $6,420 and owes additionaltaxes of $235 she is entitled to one tax credit of $374 and another credit of $563. if her employer withholds $260 every two weeks from her pay
will she receive a refund of $340 or $1042 or will she owe $340 or $1042
Don't you need to know the number of weeks before the end of the year; that is, how many pay periods will Martha have between now (whenever now is) and the end of the year.
I get a refund of -1042. Over the course of a year, she will have 26 pay periods, so, she will withhold 260*26 = 6760. Her final final liability is 6240+235-374-563 = 5718. So she is due a refund of 6760-5718 = 1042
To determine whether Martha will receive a refund or owe money, we can calculate her total tax liability and compare it to the amount of taxes withheld by her employer.
First, let's calculate her total tax liability by adding her tax liability, additional taxes owed, and tax credits:
Total tax liability = Tax liability + additional taxes owed - tax credits
Total tax liability = $6,420 + $235 - ($374 + $563)
Total tax liability = $6,420 + $235 - $937
Total tax liability = $5,718
Now, we need to calculate the total amount of taxes withheld by her employer. Since her employer withholds $260 every two weeks, we can calculate the amount withheld per year:
Amount withheld per year = $260 * (52 weeks / 2)
Amount withheld per year = $260 * 26
Amount withheld per year = $6,760
To determine whether Martha will receive a refund or owe money, we compare her total tax liability to the amount withheld:
If the amount withheld is greater than the total tax liability, Martha will receive a refund. In this case, $6,760 > $5,718, so Martha will receive a refund.
To calculate the refund amount, we subtract the total tax liability from the amount withheld:
Refund amount = Amount withheld - Total tax liability
Refund amount = $6,760 - $5,718
Refund amount = $1,042
Therefore, Martha will receive a refund of $1,042.