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?(1 point) Responses You must pay an additional $363.44. You must pay an additional $363.44. The remaining $363.44 will be applied to your state taxes. The remaining $363.44 will be applied to your state taxes. You have lost $363.44. You have lost $363.44. You will get $363.44 refund from the government.
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To determine what the numbers mean, we need to look at the amounts withheld and the actual federal tax owed:
Now, we calculate the difference:
$3,155.24 (withheld) - $2,791.80 (owed) = $363.44
Since you had more withheld from your paycheck for federal taxes than you actually owe, this means you will receive a refund. Thus, the correct conclusion is:
You will get $363.44 refund from the government.
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