_elichrusos

Wow my last comment here was very boring. Imagine, I went through the effort of posting that from my phone.

I'm writing some junk. I'm pretty bummed on writing right now but I'm trying to channel that into working harder at it instead of just giving up forever.

They take a chunk of your paycheck against what you'll owe at the end of the year in taxes. Then you get this form from your employer(s) that says how much you made, and you fill out another form from the internal revenue service that helps you figure out what you owe. If what you owe is more than the amount they took out of your checks over the year, you send them more money. If it's less, they send you one.

Most people have a computer program or an accountant figure it out for them, because it gets complicated very quickly if you have any investment income or are self employed or have kids.

I've never personally had to save up to pay off my taxes but self employed people who don't have paycheck withholding do that. It's a progressive tax so the more you make, the higher the percentage of your total income you have to pay.