Haven't weighed in today. Sorry. I've been doing my taxes at the last minute. Totally fun! Yes yes...we paid the big man big time! Hope you got a refund!
What happens is that what is taken out of your paycheck is less than what these tables say you should have paid. When that is the case, you pay. When you pay too much, you get a refund. Dependents & deductions & credits help reduce the income that is used in these tables so you don't end up paying tax on all of your income.
3 comments:
Haven't weighed in today. Sorry. I've been doing my taxes at the last minute. Totally fun! Yes yes...we paid the big man big time! Hope you got a refund!
I don't get why people have to pay. Don't you pay in your paychecks??
For the best answer: ask your dad.
or go to
http://articles.moneycentral.msn.com/Common/Taxes/2007TaxBrackets.aspx
What happens is that what is taken out of your paycheck is less than what these tables say you should have paid. When that is the case, you pay. When you pay too much, you get a refund. Dependents & deductions & credits help reduce the income that is used in these tables so you don't end up paying tax on all of your income.
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