Do you owe money to the IRS during tax season ? If so why? I’m confused as to way some owe and some don’t

Question

Answer

As I understand it, it has to do with what you claim.
The lower the number, the more they take out throughout the year. The higher the number the less they take out throughout the year.
So if you have children and need more of your income throughout the year, you claim a higher number. But that may mean they don't take enough for your percentage of earnings. Then you would owe at the end.
But if you claim 0, they take out the max percentage they can. Which is essentially borrowing money from you. So they pay you back at the end of the year.
...correct me if I'm wrong...?

Answer

Ideally, you would owe $0 and get $0 back. The government doesn’t pay you interest on the money they “borrow.”

Answer

Throughout the year you have taxes taken out of each paycheck. But those taxes are an estimate of what you will owe. If you end up owing less you get a refund, if you owe more you pay the difference. Ideally you would get $0 but not owe; so that you aren’t just loaning the government money at no interest.

Answer

It depends on where you are in the tax bracket, how much you make, etc.  There are various reasons.

Answer

Depends on your tax exemptions. If you claim 0 you’ll get money back and they take the max amount of taxes out of your pay check throughout the year. The more exemptions you claim the less taxes they take out of your pay check and sometimes they don’t take enough taxes out throughout the year and then you will owe money. 
We always claim 0 even though we have a house and three children. We get a very nice amount back.

Answer

Depends on tax bracket. If they have children or not. Some people get less being married then a single mother who gets head of household. Childcare, health insurance, retirement plans. There are a lot of factors.

Answer

It depends on how much you make and your exemptions. For awhile my aunt was making to much for a single woman, and her house was paid off. So she couldn’t claim her interest. So she always had to pay. She didn’t claim anyone. But she started to put a bigger amount into her 401k and it lowered her tax bracket and she broke even. My ex was an independent contractor, and he gets 1099 misc. so nothing get taken out of his check. He always had to pay.

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It depends on a lot of things. Your income, if you go to college, if you have any dependents, etc.

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Depends on how much money you make (the more you make the less you get back) and how you fill out your w4.

Answer

Yes. Usually owe becausd I am an independant contractor and recieve a 1099. My Broker is not responsible for takimg taxes out of my commission. I have the ootion to pay in quarterly or all at once durimg tax season. I usually pay at tax season after my accountant has completed applying all of my deductions and write offs.

Do you owe money to the IRS during tax season ? If so why? I’m confused as to way some owe and some don’t

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