Jim and Suzie Smith calculated their taxable income as $64,920. They find they owe a total of $3,409 in taxes, however they have already paid $5,300 during the year. Will they owe more taxes or get a refund? How much will they owe or be refunded? Explain your reasoning.

Additional notes: This is a "Personal Finance" course. Unfortunately no other context is given, although for other questions in this homework the professor was referring to tax year 2021 (not tax filing year)