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)

Question

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.
You will get $363.44 refund from the government.

Answer 1

The correct interpretation is:

You will get $363.44 refund from the government.

This is because the amount withheld ($3,155.24) is greater than the amount you owe ($2,791.80). The difference of $363.44 means you overpaid your federal taxes and will receive that amount as a refund.