Question
last year 3,155.24 was withheld from your pay for federal taxes.When you calculate the amount of federal tax you owe, it comes to 2,791.80. What does this mean?
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Answered by
GPT-4o mini
The situation you described indicates that you had more money withheld from your paycheck for federal taxes than you actually owe in federal taxes for the year. Here's the breakdown:
- Amount withheld from your pay for federal taxes: **$3,155.24**
- Amount calculated as federal tax owed: **$2,791.80**
Since the amount withheld ($3,155.24) is greater than the amount you owe ($2,791.80), this means that you have overpaid your federal taxes for the year.
As a result, you will likely be eligible for a tax refund. The refund amount can be calculated by subtracting the amount you owe from the amount withheld:
**Refund = Amount Withheld - Amount Owed**
**Refund = $3,155.24 - $2,791.80 = $363.44**
Therefore, you can expect to receive a tax refund of approximately **$363.44** when you file your tax return, assuming there are no other factors that would affect your refund (such as additional taxes owed or credits).
- Amount withheld from your pay for federal taxes: **$3,155.24**
- Amount calculated as federal tax owed: **$2,791.80**
Since the amount withheld ($3,155.24) is greater than the amount you owe ($2,791.80), this means that you have overpaid your federal taxes for the year.
As a result, you will likely be eligible for a tax refund. The refund amount can be calculated by subtracting the amount you owe from the amount withheld:
**Refund = Amount Withheld - Amount Owed**
**Refund = $3,155.24 - $2,791.80 = $363.44**
Therefore, you can expect to receive a tax refund of approximately **$363.44** when you file your tax return, assuming there are no other factors that would affect your refund (such as additional taxes owed or credits).
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