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.

Answer 1

To determine if you owe additional taxes or if you will receive a refund, you need to subtract the amount you have paid from the amount you owe:

Amount owed: $748.11
Amount paid: $692.40

Now, calculate the difference:
$748.11 - $692.40 = $55.71

Since you paid less than you owe, you now owe an additional $55.71.

The correct statement is: You owe an additional $55.71.