Business, 08.11.2019 00:31 babas97

Under which circumstance might you receive a tax refund from the irs?
a. when your total of previous payments and applicable credits is more than the tax you owe.
b. when your total of previous payments and applicable credits is less than the tax you owe.
c. when your total of previous payments and applicable credits is equal to the tax you owe.
d. none of the above.

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Answer from: kimchi204

The correct option is b.

When your total of previous payments and applicable credits is less than the tax you owe might be the circumstance that will receive a tax refund from the IRS.

Further Explanation:

Tax refund:

The tax refund is the amount returned to the taxpayer if an excess amount of tax is being paid by the taxpayer.

when your total of previous payments and applicable credits is more than the tax, you owe: This option is incorrect.

The tax refund is only made when the taxpayer has paid more than the tax amount, not in the case of the total of previous payments, and applicable credits are more than the tax owed.

when your total of previous payments and applicable credits is less than the tax, you owe: This option is correct.

The tax refund is made when the total of previous payments and applicable credits are less than the tax paid.

when your total of previous payments and applicable credits is equal to the tax you owe: This option is incorrect.

The tax refund is only made when the taxpayer has paid more than the tax amount, not in the case of the total of previous payments, and applicable credits are equal to the tax owed.

none of the above: This option is incorrect.

The tax refund will be made when the taxpayer has paid more than the tax amount. So the option (b) is correct. Hence this makes this option incorrect.

Learn More:

1. Personal taxation

2. State income tax

3. Net pay

Answer Details:

Grade: High school

Chapter: Tax refund

Subject: Business studies

Keywords:

Under which circumstance might you receive a tax refund from the IRS, when your total of previous payments and applicable credits is more than the tax you owe, when your total of previous payments and applicable credits is less than the tax you owe, when your total of previous payments and applicable credits is equal to the tax you owe, none of the above.

Answer from: Quest

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Answer from: Quest

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