Last year, $2,628.32 was withheld from your pay for federal taxes. When you calculate the amount of federal tax you owe, it comes to $2,981.55. What does this mean?(1 point)

Question

Responses

You will get $353.23 back from the government.
You will get $353.23 back from the government.

You must use $353.23 of the money that was withheld from your state taxes.
You must use $353.23 of the money that was withheld from your state taxes.

You have cost the government $353.23.
You have cost the government $353.23.

You must pay an additional $353.23.

Answer 1

You will get $353.23 back from the government.

This is because you withheld $2,628.32 for federal taxes, but your actual tax liability is $2,981.55. Since the amount you withheld is less than what you owe, you will receive a refund of the difference, which is $353.23.