I'm using the standard deduction which is $6350, federal income tax withheld on my W-2 is $5700. The difference between those two sums is $650. Why do I owe $745?
I'm using the standard deduction which is $6350, federal income tax withheld on my W-2 is $5700. The difference between those two sums is $650. Why do I owe $745?
You cannot compare the two. The Standard deduction is a subtraction from your gross income, before the taxes are calculated.
Once the taxes are calculated, TT gives you credit against them for the amount withheld.
I'm using the standard deduction which is $6350, federal income tax withheld on my W-2 is $5700. The difference between those two sums is $650. Why do I owe $745?
You cannot compare the two. The Standard deduction is a subtraction from your gross income, before the taxes are calculated.
Once the taxes are calculated, TT gives you credit against them for the amount withheld.
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