Question

Why do I owe taxes and I am the employee were taxes were taken from my paycheck per each payment? I should have a refund in the amount of $407 not the other way around!!

Forum|Forum|3 years ago
April 14, 2023
1 reply
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I am not required to pay taxes I do to own the business establishment I am employed with. Everything stated on each W2 stated that taxes were taken out1 What is going on?

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CatinaT1

Taxes withheld from your paychecks is estimated to cover your total tax. When you file a tax return, your actual tax is calculated based on your total income. If you had too much withheld, you get a refund; if you didn't have enough withheld, you have a balance due.

I suggest you adjust your W4 with your employer so the correct withholding is calculated more accurately.

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