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This year Luke has calculated his gross tax liability at $1,800. Luke is entitled to a $2,400 nonrefundable personal tax credit, a $1,500 business tax credit, and a $600 refundable personal tax credit. In addition, Luke has had $2,300 of income taxes withheld from his salary. (Input the amount as a positive value.) What is Luke’s net tax due or refund?

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Answer:

$2,900

Explanation:

Luke’s nonrefundable personal credit reduces his gross tax to zero ($1,800 – 2,400) = $600 and this $600 of the unused credit expires unused.  The $1,500 unused business tax credit carries over.

Luke’s net tax due or refund is  $2,900 ($600 refundable credit + $2,300 taxes he paid

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