A person with a total tax liability of $4,350 and withholding of federal
taxes of $3,975 would:
a)owe $4,350.
b)owe $375.
c)receive a refund of $4,350.
d)receive a refund of $375.
HE OWES $375,BUT I'M NOT SURE?THANK YOU:)))))
His total taxes are $4,350.
But, he's already paid $3,975 that was withheld from his pay check.
4350 - 3975 = 375
He owes $375.
So -- you're right! :-)
To calculate the amount that a person would owe or receive as a refund, we need to subtract the total withholding from the total tax liability.
In this case, the total tax liability is $4,350 and the withholding is $3,975.
Therefore, the calculation would be:
Total tax liability - Withholding = Amount owed or refunded
$4,350 - $3,975 = $375
Based on the calculation, the person would owe $375. So option b) "owe $375" is the correct answer.
To determine the answer, we need to calculate the difference between the total tax liability and the withholding of federal taxes. In this case, the total tax liability is $4,350, and the withholding of federal taxes is $3,975.
To find the difference, we subtract the withholding amount from the tax liability:
$4,350 - $3,975 = $375
Since the difference is positive, the person would owe $375.
Therefore, the correct answer is:
b) owe $375.