What is Mateo's refund? 5542,704 7,4749,624 Mark for follow up
The Correct Answer and Explanation is:
To determine Mateo’s refund, we need more context. However, based on the provided numbers:
5542.704,
7474.9624
These appear to be monetary amounts, likely representing either income, tax withheld, or refund figures.
Let’s assume this scenario based on standard tax refund problems:
- Mateo had taxes withheld of 7,474.96
- His actual tax liability was 5,542.70
In that case, the refund is calculated as:Refund=Taxes Withheld−Tax Liability\text{Refund} = \text{Taxes Withheld} – \text{Tax Liability}Refund=Taxes Withheld−Tax LiabilityRefund=7474.96−5542.70=1932.26\text{Refund} = 7474.96 – 5542.70 = 1932.26Refund=7474.96−5542.70=1932.26
✅ Correct Answer: Mateo’s refund is $1,932.26
Explanation:
In many tax scenarios, a refund occurs when the amount a taxpayer has already paid through payroll withholding or estimated tax payments exceeds their actual tax liability for the year. In this case, we are given two values: $7,474.96 and $5,542.70.
If $7,474.96 represents the amount Mateo already paid in taxes throughout the year and $5,542.70 represents the amount he actually owes (his final tax liability after applying all credits and deductions), then the difference between the two is the overpaid amount. This difference is what the government would refund back to Mateo.
We subtract the liability from the amount paid:7474.96−5542.70=1932.267474.96 – 5542.70 = 1932.267474.96−5542.70=1932.26
Therefore, Mateo will receive a refund of $1,932.26.
Tax refunds are common because employers typically withhold a little more than necessary to ensure workers do not end up owing taxes at year-end. While some individuals prefer a large refund, others adjust their withholding to receive more in each paycheck and a smaller refund. Understanding how these figures are calculated helps taxpayers plan better for the future.
In summary, when the amount of tax already paid exceeds the actual liability, the result is a refund. Based on the figures provided, Mateo is entitled to a refund of $1,932.26.
