Jamison's Gross Tax Liability Is $7,000

question 56

Multiple Choice

Jamison's gross tax liability is $7,000. Jamison had $2,000 of available credits and he had $4,000 of taxes withheld by his employer. What are Jamison's taxes due (or taxes refunded) with his tax return?

• A)$5,000 taxes due.
• B)$1,000 taxes due.
• C)$1,000 tax refund.
• D)$3,000 taxes due.

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Definitions:

Economical

Pertaining to efficient and prudent use of resources, ensuring minimal waste and maximum value.

Planning Phase

The initial stage in a project or process where objectives are defined and strategies are developed.

Analyzing

The process of examining something in detail in order to understand it better or to draw conclusions from it.

Gathering Information

The process of collecting data or facts from various sources to understand a subject or solve a problem.