Answer
The statement, “The only important thing to know about taxes is whether a person receives a refund or owe money on return” makes sense.
Work Step by Step
Taxes are monetary amount imposed by the government on an individual or a business firm to carry out various public expenses. When tax liability is less than the tax paid, then one is eligible for tax refund. One can get a refund in the form of tax credit. Example: The tax liability of a person ‘X’ is $650 while the tax paid by him is $900, then ‘X’ is eligible for $250 refund.
Hence, the statement, “The only important thing to know about taxes is whether a person receives a refund or owe money on return”, makes sense.
