This year Luke has calculated his gross tax liability at $2,200. Luke is entitled to a...
This year Luke has
calculated his gross tax liability at $2,200. Luke is entitled to a
$3,000 nonrefundable personal tax credit, a $1,800 business tax
credit, and a $800 refundable personal tax credit. In addition,
Luke has had $2,800 of income taxes withheld from his salary.
(Input the amount as a positive value.)
What is Luke’s net tax due or refund?
Homework Answers
Non refundable credit of $3000 is higher than the gross tax liability of $2,200. The entire tax liability for the year gets adjusted with non refundable credit and the extra $ 800 non-refundable credit expires.
Personal tax of $800 and income taxes withheld $2800 are both refundable to Luke
Net tax refund = 800 + 2800 = 3600
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