Why Would You Owe Taxes?

Why Would You Owe Taxes?

There are a many instances when tax must be paid, such as on income above the amount of the standard deduction from employment or other sources, on capital gains and on gambling winnings. When filing taxes, a payment is necessary if enough tax has not been withheld from various sources.

As of 2014, sales tax must be paid at many retail establishments and other types of tax is paid on some utility bills and other types of payments. Employers, casinos and others are mandated to withhold tax on paychecks and gambling winnings at the source. There are methods by which people from different countries can apply for and receive refunds of taxes that have been withheld or charged.