Unformatted text preview: received during the year, annuity and pension income, awards for scientific and charitable achievement, gambling and lottery winnings, and scholarships spent on room and board. During the year, money is put aside from your paychecks to go towards the taxes you will owe at the end of the year. If you are self-employed, during the year you will make estimated tax payments that will decrease your tax liability at the end of the year. However, these payments almost never exactly equal your tax bill at the end of the year. At the end of the year, you will need to compare the total amount of money you have had withheld from your paychecks to your total tax liabilities....
View Full Document
- Spring '10
- Taxation in the United States, gross taxable income