John (52 years old) files as a head of household with one 18-year old dependent (qualifying) child. John is eligible to claim a $700 American opportunity tax credit for the year. John did not have any taxes withheld by his employer during the year and he did not make any estimated tax payments. After taking credits into account, what is the amount of John's taxes payable or refund, assuming that his AGI is $26,000 (all from salary) and his taxable income is $8,000?

EXHIBIT 8-11 2022 Earned Income Credit Table \begin{tabular}{|c|c|c|c|c|c|c|} \hline \begin{tabular}{l} Qualifying \\ Children \end{tabular} & \begin{tabular}{c} (1) \\ Maximum Earned \\ Income Eligible for \\ Credit \end{tabular} & \begin{tabular}{l} (2) \\ Credit % \end{tabular} & \begin{tabular}{c} (3) \\ Maximum \\ Credit \\ (1)(2) \end{tabular} & \begin{tabular}{l} (4) \\ Credit Phase-Out for \\ AGI (or earned income \\ if greater) Over This \\ Amount \end{tabular} & \begin{tabular}{l} (5) \\ Phase-Out \\ Percentage \end{tabular} & \begin{tabular}{l} No Credit When AGI \\ (or earned income if \\ greater) Equals or \\ Exceeds This Amount \\ (4) +[(3)(5)] \end{tabular} \\ \hline \multicolumn{7}{|c|}{ Married taxpayers filing joint returns } \\ \hline 0 & $7,320 & 7.65% & $560 & $15,290 & 7.65% & $22.610 \\ \hline 1 & 10,980 & 34 & 3,733 & 26,260 & 15.98 & 49,622 \\ \hline 2 & 15,410 & 40 & 6,164 & 26,260 & 21.06 & 55,529 \\ \hline 3+ & 15,410 & 45 & 6,935 & 26,260 & 21.06 & 59,187 \\ \hline \multicolumn{7}{|c|}{ All taxpayers except married taxpayers filing joint returns } \\ \hline 0 & 57,320 & 7.65% & $560 & $9,160 & 15.30% & $16,480 \\ \hline 1 & 10,980 & 34 & 3.733 & 20,130 & 15.98 & 43,492 \\ \hline 2 & 15,410 & 40 & 6,164 & 20,130 & 21.06 & 49,399 \\ \hline 3+ & 15,410 & 45 & 6,935 & 20,130 & 21.06 & 53,057 \\ \hline \end{tabular} Durce: Internal Revenue Code "Rev Proc 2020-45 " unwwirs gov