Explanation Given Information: The person E has the tax liability is $5,320, tax credits is $2,110 and other taxes is $325 and payments are $4,650. Formula used: The formulas used for the calculation are listed below: The total tax is calculated by the formula given below: Total tax = tax liability − tax credits + other taxes 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. The followings steps are used to calculate Step 1: The total tax is calculated by the formula given below: So, Total tax = tax liability − tax credits + other taxes

Contemporary Mathematics For Business & Consumers, Loose-leaf Version

8th Edition

ISBN: 9781305867185

Author: Robert Brechner, Geroge Bergeman

Publisher: South-Western College Pub

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Chapter 18.III, Problem 21RE

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To calculate: The amount of tax refund or tax owed of person E if the tax liability is $5,320, tax credits is $2,110 and other taxes is $325 and payments are $4,650.

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Chapter 18.III, Problem 20RE

Chapter 18.III, Problem 22RE

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Chapter 18 Solutions

Contemporary Mathematics For Business & Consumers, Loose-leaf Version

Ch. 18.I - Use Exhibit 18-1 to determine the amount of sales...Ch. 18.I - Andy Bennett purchased a car for $38,600 at Auto...Ch. 18.I - At the end of a business day, the cash register at...Ch. 18.I - An archery set at The Sports Authority in Mason,...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...

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The amount of tax refund or tax owed of person E if the tax liability is $5,320, tax credits is $2,110 and other taxes is $325 and payments are $4,650.

Solution Summary: The author calculates the amount of tax refund or tax owed of person E if the tax liability is 5,320, tax credits is 2,110 and other taxes is 325 and payments are 4,650.

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To calculate: The amount of tax refund or tax owed of person E if the tax liability is $5,320, tax credits is $2,110 and other taxes is $325 and payments are $4,650.

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Chapter 18 Solutions