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Based on his calculation, John owes $6,276 to the IRS. $4,750 was already withheld by his...

Based on his calculation, John owes $6,276 to the IRS. $4,750 was already withheld by his employer. John has two kids and each will enjoy a $1,000 child tax credit.

Calculate how much John actually needs to pay to the IRS?

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Answer #1

Answer -

Johan owes to IRS = $ 6,276

Tax withheld = $ 4,750

Tax payable =

Tax liability = $ 6,276

Less - child tax credit = - $ 2000

( $ 1,000 * 2 child )

Less - Tax withheld. = - $ 4,750

Net liability = - $ 474

Refund = $ 474 .

So Johan doesn't need to pay to IRS, as it will claim refund of $ 474.

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