last year, nevans gross pay was $45,150. the federal income tax percent that was withheld from his gross pay…

last year, nevans gross pay was $45,150. the federal income tax percent that was withheld from his gross pay was 16%. the amount of money that nevan actually owes the government after deductions is $6,150. which of the following is true? nevan owes an additional $984 in federal tax. nevan owes an additional $1,074 in federal tax. nevan will receive a refund of $984. nevan will receive a refund of $1,074.

last year, nevans gross pay was $45,150. the federal income tax percent that was withheld from his gross pay was 16%. the amount of money that nevan actually owes the government after deductions is $6,150. which of the following is true? nevan owes an additional $984 in federal tax. nevan owes an additional $1,074 in federal tax. nevan will receive a refund of $984. nevan will receive a refund of $1,074.

Answer

Explanation:

Step1: Calculate withheld tax amount

The formula to calculate the amount of tax withheld is $Withheld\ tax = Gross\ pay\times Tax\ rate$. Given that the gross pay is $$45150$ and the tax - rate is $16%=0.16$. So, $Withheld\ tax = 45150\times0.16=$7224$.

Step2: Determine refund or additional tax

To find out if there is a refund or an additional tax, we compare the amount withheld with the amount actually owed. Let $A$ be the amount withheld and $B$ be the amount owed. If $A > B$, there is a refund, and if $A < B$, there is an additional tax. Here, $A = 7224$ and $B = 6150$. The difference $D=A - B=7224 - 6150=$1074$. Since the amount withheld is greater than the amount owed, Nevan will receive a refund.

Answer:

Nevan will receive a refund of $$1,074$.