2007-01-31 03:01:37 · 6 answers · asked by marine522 2 in Business & Finance ➔ Taxes ➔ United States
The $4000 was your "estimated" federal income tax for the year. They estimate on a weekly basis how much tax you will owe at the end of the year. It is based on the criteria you give them such as deductions, dependents, etc...
You are getting back $357 because you overpaid by $357 and they are giving it back to you.
2007-01-31 03:27:10 · answer #1 · answered by Scott M 5 · 0⤊ 0⤋
Not bad, really. It must mean that you actually owe $3643 in income tax for 2006, and you withheld only a little more than you had to. Congratulations.
A lot of people, me included, overwithhold, which results in those mongo refund checks you've read about. But think about it: you're better off having that money in your pocket throughout the last year than waiting for a mongo check. Meanwhile, your federal government is earning interest on your withheld tax money, not you.
2007-01-31 11:24:47 · answer #2 · answered by CMass Stan 6 · 0⤊ 0⤋
because after your allowances and deductions you still had to pay 3643.00 in income tax . . you need more decuctions to reduce the amount of tax you have to pay.
2007-01-31 11:07:33 · answer #3 · answered by Rainy 5 · 1⤊ 0⤋
BECAUSE YOU OWE $3643 IN TAXES ON YOUR INCOME.
2007-01-31 12:11:56 · answer #4 · answered by Ovrtaxed 4 · 0⤊ 0⤋
You got screwed.
2007-01-31 11:09:04 · answer #5 · answered by wwwwwwwfe 1 · 0⤊ 3⤋
I would have to know your circumstances.
2007-01-31 11:06:34 · answer #6 · answered by Eva 5 · 0⤊ 1⤋