Homework Answers
Option (a) - $500
REASON: According to the taxation norms of the IRS,
A non-refundable credit is the type of credit which can only be reduced from the net tax liability of the tax-payer. This is not refunded in cash, but in turn is used to reduce the tax liability.
A Tax withholding is the tax which is deducted by the employer and directly remitted to the government. If it becomes excess of the total tax liability of the tax-payer, there is a tax refund.
Hence,
Total tax liability = $2000
Total non-refundable credit = $1500
Total withholding = $1000
Therefore,
Net Tax liability = Tax payable - non-refundable credit
= 2000 - 1500
= $500 (which is less than total withholding = $1000)
Hence,
Total tax refund = Withholding - tax liability
= 1000 - 500
= $500.
I
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