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Yes. This is done to figure out what you need to pay, if you indeed owe taxes.

If you are constantly paying income taxes, then you are not having enough taken out of your paychecks.

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Q: Do you need to file state or federal income tax every year if you owe money?
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Related questions

Will Georgia tax your Federal rebate money?

No. Your federal tax is not deductible from your income in determining state taxable income, hence any refund of it isn't included as taxable income.


Which income tax refund comes first federal or state?

I live in Wisconsin and every year our Federal has come first.


Do you have to report your income tax check?

The refund check, as income - No - for federal (it was taxed when overpaid - tax being paid with already taxed money), but a State one, yes. It was deducted from federal income.


Federal taxes must be the same in every state?

Federal income taxes would be filed using 1 1040 federal income tax return combining all of the different states income on the 1 1040 income tax return.


Why does the state government receive all of their money from the federal government?

The state governments do not receive all their money from the Federal government. The majority of their funds come from state income taxes, property taxes and sales taxes.


Do NY pay federal taxes on unemployment?

Unemployment benefits are subject to federal income tax in every state. However, in 2009, the first $2400 per person is exempt from federal income tax.


How much money is taken in federal taxes for every thousand you make?

Your employer would be able to give you the percentage amount that would be withheld from your pay for the total of all taxes on the 1000 amount. Social security, medicare, federal income taxes, state income taxes, local income taxes, etc.


Can medical bills be taken out of Federal Income tax returns in the state of South Carolina?

Yes and the state doesn't matter on federal income tax returns. Federal is federal and state is state.


Does Illinois receive any money from the federal government?

Illinois does receive money from the federal government for various projects. Every state in the United States receives money from the federal government.


When filing for the state income taxes do you receive your federal income tax refund as well as your state income tax refund?

No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.


What is mean by income tax?

It is what the federal or state government charges you on your income. (the money you earn) It is a percentage of your income. It mean the tax youse has to pay on youse income.


What is the difference between state income tax and federal income tax?

State goes to state budget & Federal goes to ferderal budget.