you calculated that you owe $5,418.49 in taxes. you qualify for an earned income tax credit of $4,213 and a…

you calculated that you owe $5,418.49 in taxes. you qualify for an earned income tax credit of $4,213 and a child tax credit of $2,000. how much do you owe after applying the tax credits, or what is the amount of your refund?

you calculated that you owe $5,418.49 in taxes. you qualify for an earned income tax credit of $4,213 and a child tax credit of $2,000. how much do you owe after applying the tax credits, or what is the amount of your refund?

Answer

Explanation:

Step1: Calculate total tax credits

Add the earned - income tax credit and the child tax credit. $4213 + 2000=6213$

Step2: Determine amount owed or refund

Subtract the total tax credits from the tax amount owed. $5418.49−6213=-794.51$

Answer:

$794.51$ (refund)