You owe $748.11 in taxes, and you have paid $692.40. Which statement best describes your refund/taxes due?

Question

(1 point)
Responses

You owe an additional $55.71.

You owe an additional $55.71.

You will receive a refund of $55.71.

You will receive a refund of $55.71.

You owe an additional $155.71.

You owe an additional $155.71.

You will receive a refund of $155.71.

You will receive a refund of $155.71.

Answer 1

To determine whether you owe taxes or will receive a refund, we need to calculate the difference between your total tax owed and what you have already paid.

You owe: $748.11
You have paid: $692.40

Now, we subtract the amount paid from the amount owed:

$748.11 - $692.40 = $55.71

Since you owe more than you have paid, this indicates that you owe additional money.

Thus, the correct statement is:

You owe an additional $55.71.