Chapter 7: Income Tax & Withheld Taxes

In Chapter 7 of the free tax course, you will learn all about income tax and withheld taxes as well as how to figure out your income tax and understand how your tax is paid by withholding. See also IRS Publication 919, How do I adjust my Tax Withholding?

Income Tax

• Figuring Income Tax
• Federal Income Tax Table
• Tax Computation

Withheld Taxes

• Mandatory Tax Withholding
  • W-4 Tax Form
• Voluntary Tax Withholding

Summary of Chapter 7

Determining the Tax Refund or Balance Due

To figure the amount of tax you will owe the IRS or the amount of the tax refund you are due, you compare your total payments on line 72 (Total Payments) of the tax form 1040 to the total tax shown on line 63 (Total Tax). If you do not owe any other taxes on line 58-62 or claim any of the tax credits on line s 47-55, your total tax on line 63 is the same as your tax from line 44.