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Not really. Your tax liability is the total amount of tax on your income minus any non-refundable credits, such as the Child Tax Credit, saver’s credit, or dependent care credit, to name a few. This can also include additional taxes like self-employment tax, household employment tax, and tax penalties such as the 10% early distribution ...
The two conditions on the Employee's Withholding Allowance Certificate form that I have to meet to claim the exemption are: 1) Last year I had a right to a refund of all federal income tax withheld because I had no tax liability, and. 2) This year I expect a refund of all federal income tax withheld because I expect to have no tax liability.
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If you receive significant non-wage income, such as from self-employment, interest and dividends, or rental income, you'll likely need to pay quarterly estimated taxes or run the risk of underpayment penalties in addition to a large year-end tax bill. If you’re at risk for an underpayment penalty next year, we'll automatically calculate your ...
Federal Income Tax Withheld from W-2 is the amount of federal tax your employer took from your pay and sent to IRS. The later amount goes to pay the former - your Federal Income Tax. The amount withheld can be more or less than the amount of tax calculated.
You tax liability is the amount of tax owed based on your income. On your Oregon state return, look for the line that says tax or total tax. June 1, 2019 8:27 AM
A refund offset is when an IRS refund is reduced or intercepted to pay off delinquent debt, such as past-due child support, outstanding student loans, or unpaid state income tax. For more information please click the link below. What is a refund offset? - Community - TurboTax
Level 3. If you put exempt on your W-4 your employer would not withhold federal taxes from your weekly paycheck. If you do not have a tax liability then you simply won't get a refund of what you paid in. Depending on your situation, you still may have a refund from refundable tax credits such as Earned Income Tax Credit if you qualify. If you ...
It doesn't actually change your tax liability, which is only calculated on your tax return. If you are not legally exempt from tax (almost no one is) but you claim exempt on the W-4, you may owe a large tax bill at the end of the year plus interest and penalties. December 19, 2022 11:42 AM. 2.
1 Best answer. Your tax liability is the total amount of tax on your income minus any non-refundable credits such as child tax credit, saver’s credit, dependent care credit to name a few. So basically, just because you got a refund last year does not mean your tax liability was 0. It is the actual tax which you paid last year.