Hello, thanks for your time.
While it should be straightforward, I'm unable to understand the below bulleted sentence when reading through responses here.
- "Will you owe less than $1,000 in taxes for the tax year after subtracting your federal income tax withholding from the total amount of tax you expect to owe this
What determines $1,000 in taxes? Is that the amount that should've been withheld (i.e. if you had an employer they would withhold that in paychecks and it adds up overtime?)