Question: how to calculate how much tax you are owed?
Answer: Step 1 – Determine Gross Taxable Income. ...  Step 2 – Calculate Adjusted Gross Income. ...  Step 3 – Subtract Deductions. ...  Step 4 – Subtract Exemptions. ...  Step 5 – Calculate Tax Liability and Subtract Credits. ...  Step 6 – Determine Taxes Owed or Refund Due.