Final answer:
If $2,628.32 was withheld from your pay for federal taxes and the amount you owe is calculated at $2,981.55, you have underpaid your taxes by $353.23 and must pay this amount to the IRS.
Step-by-step explanation:
If $2,628.32 was withheld from your pay for federal taxes and you calculate that you owe $2,981.55 in federal taxes, it means that you have underpaid your taxes over the year. The difference between what was withheld and what you owe is the amount you will need to pay to the IRS to settle your tax obligation. In your case, you would owe the government an additional $353.23 ($2,981.55 - $2,628.32).
It's important to note that having too little tax withheld from your paycheck could result in owing money when you file your taxes. Conversely, if too much tax is withheld, you would be eligible for a tax refund. Making sure that the right amount is withheld requires accurate completion of your W-4 form and regular review of withholdings, especially if there are significant changes to your income or tax situation during the year.