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Maurinko [17]
3 years ago
13

This year Luke has calculated his gross tax liability at $1,800. Luke is entitled to a $2,400 nonrefundable personal tax credit,

a $1,500 business tax credit, and a $600 refundable personal tax credit. In addition, Luke has had $2,300 of income taxes withheld from his salary.
Required:
What is Luke's net tax due or refund?
Business
1 answer:
Fantom [35]3 years ago
6 0

Answer:

Luke's net tax due or refund is $2,900

Explanation:

In order to calculate Luke's net tax due or refund we would have to make the following calculation:

Luke's net tax due or refund=Luke's non refundable credit+income taxes withheld from his salary

Luke's non refundable credit=non refundable personal tax credit-gross tax liability

Luke's non refundable credit=$2,400-$1,800

Luke's non refundable credit=$600

Therefore, Luke's net tax due or refund=$600+$2,300

Luke's net tax due or refund=$2,900

Luke's net tax due or refund is $2,900

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