My husband is self-employed and in order while we qualify for a refund we also have to pay seflf-employment taxes.
if you follow the tax form you will find that you possibly might not actually owe any income tax but then the changes to that which involve unpaid FICA taxes(like a waitress) and self employment tax
if you have not paid in during the year on 1040ES at least for the self employment taxes the amount that has been withheld from the paychecks is probably not enough to cover the self employment tax and you then owe, and any refund you thought you were due is used up paying the self employment tax
Your refund is how much you paid over what you owe.
The IRS will take what you owe from your refund.
You cannot owe and get a refund. One or the other. It is a sum total proposition. If he owes self employment taxes, that reduces what the refund would be. But it cannot be both.
The IRS will deduct what they are owed from your refund and refund any difference.
If you owe more than the refund, then you won't get the refund, but the amount you owe will be lowered by the amount of the refund that you would have gotten. For example, if the refund is $1000 and you owe $1500, then you will only have to pay $500.
If the refund is more than you owe, then you don't have to pay anything; they just subtract what you owe from the refund. For example, if the refund is $2000 and you owe $900, then they will send you $1100.
You get the net amount after the se tax is subtracted. It's taken out automatically
U will NOT get a refund. Simple.
U got to PAY.
Yes, that the way taxes work.
You complete ONE tax return… all of your information is included.
All the income is added together
All the money you have paid towards taxes are added together
The total tax is calculated.
If your total taxes due is less than the withholdings you have paid, you get a refund.
If your total taxes due is more than the withholdings, you have to pay the difference,