How do you know how much taxes are owed?

You must complete state and federal tax returns or seek the advice of a tax service that can review your situation and explain your tax liability.

You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in order to do the calculation for the numbers that you are looking for. After you complete your 1040 federal income tax return correctly to page 2 Line 44 you will know the amount of your income liability before any credits or other taxes. Continue from Line 45 to the last lines at the bottom of the 1040 page 2 and then you will know how much taxes you will have to pay if any after you complete your 1040 income tax return correctly.

Federal taxes are the same throughout the United States. State taxes may vary and they usually follow federal guidelines. Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, amount & type of income.