Viewing a single comment thread. View all comments

FourWayFork t1_jea7cfl wrote

Impossible to say without knowing your total paycheck.

Do you make $300K per year? Yeah, you still owe them money.

Do you make $30K per year? You probably have a math error somewhere.

If you have one job, then it is very easy to set up your withholding to be exactly the right amount so that you won't owe anything and won't have given the government an interest-free loan.

9

[deleted] OP t1_jea7gri wrote

70k a year and paid around 13k

1

Goadfang t1_jeaa79y wrote

If you paid around 13k on 70k income then that is around 18.5%. If they are asking you to make an additional payment of $1600, bringing total taxes paid to 14.6, then that would be close to 20%. Is the effective tax rate on your bracket about 20%? If so, then that's your answer.

4

[deleted] OP t1_jeab0sv wrote

Thank you so so much, this is the exact reason and now I know! Was so frustrated and confused lol

0