Question

Your company withheld $4,463 from your paycheck for taxes. You received a $713 tax refund.

Answer 1

This simply means that your actual tax was 3750 because the total withheld - the refund. A tax refund is not an extra money earned by a person, it is actual an excess of what was paid by the person that the IRS have decided to give back to that person.Taxes are usually deducted based on information declared in Form W-4. The yardstick used by IRS is a straightforward method to lessen your assessable wage, yet you have the choice to ascertain your own ordered findings, utilising your genuine deductible costs.