As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the following taxpayers.
Tax | Tax | Other | Refund/ Owe | |
Name | Liability | Credits | Taxes | Payments (circle one) Amount |
23. | Lane | $12,280 | $2,453 | $1,232 | $9,540 | Refund/Owe |
To calculate: The amount of tax refund or tax owed of person L if the tax liability is $12,280, tax credits is $2,453 and other taxes is $1,232 and payments are $9,540.
Given Information:
The person L has the tax liability is $12,280, tax credits is $2,453 and other taxes is $1,232 and payments are $9,540.
Formula used:
The formulas used for the calculation are listed below:
The total tax is calculated by the formula given below:
To check the amount is tax refund or tax owed. It is needed to see the difference between total payments and total tax. If the tax payments are greater than total taxes, the difference is tax refund and if the tax payments are less than total taxes, the difference is tax owed.
Calculation:
Taxable income is defined as the income to which tax rates are functional in order to discover the total amount of tax payable for the year. Tax credits are the amount of dollar subtracted from the tax liability
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