Last year, $3,155.24 was withheld from your pay for federal taxes. When you calculate the amount of federal tax you owe, it comes to $2,791.80. What does this mean?
You must pay an additional $363.44.
The remaining $363.44 will be applied to your state taxes.
You have lost $363.44.
You will get $363.44 refund from the government.
You will get a $363.44 refund from the government.
The correct answer is: You will receive a $363.44 refund from the government.
The amount withheld from your pay for federal taxes last year was $3,155.24. However, when you calculate the amount of federal tax you owe, it comes to $2,791.80. This means that you have overpaid your federal taxes by $363.44. The excess amount withheld will be refunded to you by the government.
Based on the information given, we can determine that you have overpaid your federal taxes by $363.44. This means that you have paid more in taxes than you actually owe to the government.
It is important to note that the amount withheld from your pay for federal taxes, which was $3,155.24, is an estimation made by your employer based on certain factors such as your income level and filing status. However, the actual amount of federal tax you owe is calculated when you file your tax return.
In your case, when you calculated the amount of federal tax you owe and it came out to be $2,791.80, it means that this is the correct amount of tax that you are required to pay based on your income and other relevant factors.
Since you have already overpaid by $363.44, this means that you are entitled to a refund from the government. The excess amount will be refunded to you, either by receiving a check or by direct deposit into your bank account. Therefore, the correct answer is: You will receive a refund of $363.44 from the government.