87.9k views
2 votes
If more tax is withheld from your pay than is indicated that you own on the tax schedule, then you are due a _____.

User Julieta
by
7.7k points

1 Answer

5 votes

Final answer:

If more tax is withheld from your paycheck than you owe according to the tax schedule, you are entitled to a tax refund. This is determined when you file your annual tax return and calculate your taxable income and adjusted gross income.

Step-by-step explanation:

If more tax is withheld from your pay than is indicated that you owe on the tax schedule, then you are due a tax refund.

Deductions from your wages, such as those for income tax and social security contributions, are collectively known as withholding tax or pay-as-you-earn tax (PAYE).

When you file your tax return before the yearly deadline (usually April 15th), and if the amount withheld exceeds what you owe according to the tax schedule after considering your adjusted gross income and taxable income, the government is obligated to return the excess amount to you in the form of a tax refund.

User Marek Blotny
by
8.2k points