Tax Due or Refund
This year Luke has calculated his gross tax liability at $2,060. Luke is entitled to a $2,790 nonrefundable personal tax credit, a $1,695 business tax credit, and a $730 refundable personal tax credit. In addition, Luke has had $2,625 of income taxes withheld from his salary.
What is Luke’s net tax due or refund?
Homework Answers
Luke will have a refund.
Refundable Personal Tax Creidt = $730
Income Taxes withheld = $2,625
Add these two together to get Luke's tax refund = $3,355 (Answer)
Since the tax liability is less than the entitled non-refundable persoanl tax credit, we only consider refundable personal tax credit and income taxes withheld.
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