Question: Pleaseeee respond soon! 2021 tables usage! This year Luke has calculated his gross tax liability at $1,600. Luke is entitled to a $2,100 nonrefundable personal

Pleaseeee respond soon!

2021 tables usage!

Pleaseeee respond soon! 2021 tables usage! This year Luke has calculated his

This year Luke has calculated his gross tax liability at $1,600. Luke is entitled to a $2,100 nonrefundable personal tax credit, a $1,200 business tax credit, and a $700 refundable personal tax credit. In addition, Luke has $2,000 of income taxes withheld from his salary. What is Luke's net tax due or refund this year? $2,700 $2,000 $4,200 $0

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

In 2021, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 25 years old. Their only sources of income are gains from stock they held for...

1. In 2020, Elaine paid $2,440 of tuition and $1,160 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the...

This year Luke has calculated his gross tax liability at $1,960. Luke is entitled to a $2,640 nonrefundable personal tax credit, a $1,620 business tax credit, and a $680 refundable personal tax...

please answer all parts clearly Required information [The following information applles to the questions displayed below.] In 2022. Amanda and Jaxon Stuart have a daughter who is 1 year old. The...

studentnumberendswitha5 to Bob that with LOC of $25,000, Bod is able to borrow any amount up to $25,000 at any time whenever he needs the money, the interest will be charged upon the usage of the...

need help please Your draft work, to be submitted via email, should include: 1. Excel of 2021 tax return workpaper labelled, for example: "Group1_IndividualTR_wp"), completed up to Adjusted Gross...

Federal & State Unemployment Taxes Learning Objective 3 : Compute the federal unemployment tax, the credit against the tax, and any credit reductions that might apply. The employer pays to the state...

I need answers to all questions within the attached file. Federal & State Unemployment Taxes Learning Objective 3: Compute the federal unemployment tax, the credit against the tax, and any credit...

Hello! I was wondering if someone could help me fill out this information for all relevant schedules, including Schedule A, Schedule C, Schedule 1, Schedule 2, and Schedule E. Also including the...

of 6 Instructions: Please complete the Urban Lifestyle Interiors, Inc.'s 2020 book tax income reconciliation and Farm 1120px 1. based upon the information provided below. If required information is...

Prepare a essay and summarize key points in the article "Why business Models matter" and how they apply specifically to the strategy and simulation decision-making.

Calculate the current ratio from the following information: Total assets = 3,00,000 - Non-current liabilities = 80,000 Shareholders' Funds = 2,00,000 Non-Current Assets: Fixed assets = 1,60,000...

6-11 The calculations of 6-8 through 6-10 can be described by which of the following data analytic types? The mixing department incurred $46,000 of manufacturing costs during the month of September....

WHAT IS the cash flow statement BBINFIT ,AND HOW WE CAN ANALAYSES

8. Is the game shown by Figure 14.1 a zero-sum game or is it a positive-sum game? How can you tell? Are there dominant strategies in this game? If so, what are they? What cell represents a Nash...

7. advanced analysis Construct a strategic form payoff matrix involving two firms and their decisions on high versus low advertising budgets and the effects of each on profits. Show a circumstance in...

6. Why is there so much advertising in monopolistic competition and oligopoly? How does such advertising help consumers and promote efficiency? Why might it be excessive at times? LO14.4