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.