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For most people in the US, taxation is already conducted at the source through estimated withholdings. Filing is how they get tax refunds. It's a clever scheme
by hathawsh 5y ago
For most people in the US, taxation is already conducted at the source through estimated withholdings. Filing is how they get tax refunds. It's a clever scheme that seems to make people actually happy about income tax.
- hunglee2 5y agowhat is this 'estimated withholdings' ....so the govt makes up a number, takes the money and then you gotta claim it back??
- yurishimo 5y agoKinda. The number isn't made up, it's based on your salary from that job and then a calculation based on the number of dependents you will claim (which generally lowers your tax liability so they withhold less). At the end of the year, this tax filing process is to reconcile if the amount you had withheld matches with what you owe the government.
- hunglee2 5y agothat fiendish. I can see why govt would do this but heck, what a terrible experience for citizen!