@khurramch079 wrote:
Hi Opus
but I already paid $11666 as taxes withheld from my paycheck:
why i have to pay again $11666???
I didn't say that, read it again.
Your withholding is only an estimate of what you will owe. The IRS collects withholding so the government gets paid during the whole year instead of only at tax time. The actual tax you owe is calculated on your tax return. If your withholding is more than you owe, you get a refund. If you owe more than you already paid from withholding, then you have to make an additional payment. If you owe too much (because you did not have enough withheld) then you can also be assessed a penalty.
