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.

Question

02-06-2022
Mathematics

Answered

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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 :

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AFOKE88 AFOKE88 · Answer 1 · 2022-06-14T13:32:46-04:00

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

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Sagot :

What is the impact of withholding taxes?

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