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Tony is paying off a car loan. The monthly payment is $211.28. He is hoping to receive an income tax refund that is large enough to make one monthly payment. His tax is $1,722 and his employer withheld $2,071 in federal taxes.
a. How much of a refund will Tony receive?
b. Will Tony be able to make one car loan payment with the refund? Explain your answer.

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leneveah143

Answer:

Step-by-step explanation:

a. To calculate the refund Tony will receive, we need to determine the difference between his tax payment and the amount withheld by his employer.

Tax refund = Tax paid - Amount withheld

Tax refund = $1,722 - $2,071

To find the difference, we subtract the amount withheld from the tax paid:

Tax refund = -$349

b. Since the tax refund is negative (-$349), Tony will not receive a refund. In fact, he has paid more in taxes ($2,071) than his tax liability ($1,722). Therefore, he will not be able to make one car loan payment with the refund, as there is no refund to begin with.

If you have any further questions or need clarification, please let me know.

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