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As you add taxable income (in your case, interest income), your federal taxes will increase. You are reporting more taxable income.
When you add your Federal Income Tax withheld on that interest (box 4 on the 1099-INT), that amount will be subtracted from your tax to come up with the tax on your total income.
As you add taxable income (in your case, interest income), your federal taxes will increase. You are reporting more taxable income.
When you add your Federal Income Tax withheld on that interest (box 4 on the 1099-INT), that amount will be subtracted from your tax to come up with the tax on your total income.
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