Harry is a US taxpayer. Accounts for the financial year 2019 reveal the following: (5 Marks)

$

Sales

360'800

COGS

220'700

General & administrative expenses

46'200

Sales return

32'500

Personal exemption

5'800

Standard deduction

7'200

Itemized deductions

3'800

Prepaid income taxes

1'650

Tax rates: 1-20'000: 10%; 20'001-100'000: 25%

Required: calculate tax due (refund) for the year 2019