Answered

Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Explore thousands of questions and answers from a knowledgeable community of experts on our user-friendly platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

Marquis is starting a fast food job during his senior year of high school. he lives with his parents and they will claim him as a dependent on their taxes this year. he earns $2000. based on how he completed his w-4, his employer withheld $200 in federal income taxes from his paychecks. what will happen if marquis doesn't file taxes in april?
*
nothing will happen, but marquis will miss out on his potential refund.
the irs will refund his $200 directly to him.
the irs will refund his $200 to his parents.
the irs will fine marquis $75 or more for not filing taxes.

Sagot :

What will happen if marquis doesn't file taxes in April is that; nothing will happen, but marquis will miss out on his potential refund.

What is the impact of withholding taxes?

Withholding in this regards by his employers simply means how much is being taken out of your paycheck in taxes.

Now, withholding tax is basically an advance payment of income tax which may be used to offset or reduce tax liabilities. In this case, since the employer has withheld $200 in federal income taxes from his paychecks, what it means is that if he doesn't file taxes in April, nothing will happen, but he will miss out on his potential refund.

Read more about Withholding taxes at; https://brainly.com/question/25783927

#SPJ1

Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.