CRAIG WHITEHOUSE HAS A NONREFUNDABLE CREDIT OF 1500, A TAX LIABILITY OF 2000 AND TOTAL WITHHOLDING...
CRAIG WHITEHOUSE HAS A NONREFUNDABLE CREDIT OF 1500, A TAX LIABILITY OF 2000 AND TOTAL WITHHOLDING FOR THE YEAR OF 1000. WHAT WILLBE TAX REFUND WHEN FILES FORM 1040
500
1000
1500
2000
Homework Answers
| First $1500 nonrefundable credit will be used to decrease tax liability | |||
| 2000 Tax liability-1500 nonrefundable tax credit | |||
| 2000-1500 | $500 | tax liability left | |
| Now total withholding is $1000 hence from this $1000, $500 will be used for tax liability | |||
| and rest $500 is tax refund | |||
| Option A $500 should be correct | |||
| If any doubt please comment | |||
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CRAIG WHITEHOUSE HAS A NONREFUNDABLE CREDIT OF 1500, A TAX
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