Aliza had a tax liability of $6,218 last year. she was entitled to tax credits of $758 and withholding amounted to $540 per month. aliza owed other taxes of $626. calculate the amount of the refund or the amount of additional taxes due (as the case may be).

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Business

Vicente Santos

13 June, 15:22

Aliza had a tax liability of $6,218 last year. she was entitled to tax credits of $758 and withholding amounted to $540 per month. aliza owed other taxes of $626. calculate the amount of the refund or the amount of additional taxes due (as the case may be).

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Izabella Espinoza · Answer 1

Problem: Find the amount of the refund or the amount of additional taxes due (as

the case may be)

Given facts: tax liability of $6,218 last year, tax credits of $758, withholding

amounted to $540, other taxes of $626

Mathematical operation: addition and subtraction

Solution: N = (6,218 + 540 (one month) + 626) - 758

add all the tax liabilities and subtract it to the tax credit

Answer = $ 6, 626 tax liability / tax liability was higher than the tax refund

*if tax withheld is computed in a year

N = ([6,218 + 626] + [540x12]) - 758

= (6844 + 6480) - 758

= 13324 - 758

= Answer $ 12566 tax liability / tax liability was higher than the tax refund