martha has a tax liability of $6,420 and owes additionaltaxes of $235 she is entitled to one tax credit of $374 and another credit of $563. if her employer withholds $260 every two weeks from her pay
will she receive a refund of $340 or $1042 or will she owe $340 or $1042
2 answers
Don't you need to know the number of weeks before the end of the year; that is, how many pay periods will Martha have between now (whenever now is) and the end of the year.
I get a refund of -1042. Over the course of a year, she will have 26 pay periods, so, she will withhold 260*26 = 6760. Her final final liability is 6240+235-374-563 = 5718. So she is due a refund of 6760-5718 = 1042
1 answer