Tax refund: Difference between revisions
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<onlyinclude>A '''tax refund''' is an amount of money paid back to a tax payer if their annual tax payment was more than they should have paid.</onlyinclude> <ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Tax Refund." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3086?rskey=GM2fTe&result=1, 2009 [Aug 30, 2016]</ref> | <onlyinclude>A '''tax refund''' is an amount of money paid back to a tax payer if their annual tax payment was more than they should have paid.</onlyinclude> <ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Tax Refund." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3086?rskey=GM2fTe&result=1, 2009 [Aug 30, 2016]</ref> | ||
Often when the tax liability (amount a tax payer has to pay) is assessed to be more than it should be from an accident then a refund will be sent for the amount that was overpaid.<ref> | Often when the tax liability (amount a tax payer has to pay) is assessed to be more than it should be from an accident then a refund will be sent for the amount that was overpaid.<ref name=Ox_econ>"A Dictionary of Economics", entry: tax refund, published Oxford University Press, 2013. Edited by John Black, Nigar Hashimzade, and Gareth Myles Online version accessed [August 17th, 2017].</ref> | ||
If a tax payer receives a [[tax credit]] that is more than the total tax liability of the tax payer, then a refund will be sent for the amount that could not be taken off of a tax payment. If a tax payer has a liability of $1,000 and receive a tax credit for $1,200 then the liability is -$200 and the government owes the tax payer money. The amount owed to the tax payer will be sent in the form of a tax refund. | If a tax payer receives a [[tax credit]] that is more than the total tax liability of the tax payer, then a refund will be sent for the amount that could not be taken off of a tax payment. If a tax payer has a liability of $1,000 and receive a tax credit for $1,200 then the liability is -$200 and the government owes the tax payer money. The amount owed to the tax payer will be sent in the form of a tax refund. | ||
Latest revision as of 01:47, 29 August 2017
A tax refund is an amount of money paid back to a tax payer if their annual tax payment was more than they should have paid. [1]
Often when the tax liability (amount a tax payer has to pay) is assessed to be more than it should be from an accident then a refund will be sent for the amount that was overpaid.[2]
If a tax payer receives a tax credit that is more than the total tax liability of the tax payer, then a refund will be sent for the amount that could not be taken off of a tax payment. If a tax payer has a liability of $1,000 and receive a tax credit for $1,200 then the liability is -$200 and the government owes the tax payer money. The amount owed to the tax payer will be sent in the form of a tax refund.
See Also
References
- ↑ J.Black, N. Hashimzade, and G. Myles. (2009) "Tax Refund." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3086?rskey=GM2fTe&result=1, 2009 [Aug 30, 2016]
- ↑ "A Dictionary of Economics", entry: tax refund, published Oxford University Press, 2013. Edited by John Black, Nigar Hashimzade, and Gareth Myles Online version accessed [August 17th, 2017].