Amount Owed

Total amount owed last year - is the total amount of Federal or State taxes you owed, and of course paid, last year. For example, if you are calculating your Federal payroll deduction amount in 2010, then it would be the amount on Line 60 of your 2009 Federal 1040 tax form.

It is also called your total tax liability for the previous year. It is equal to the total State or Federal taxes you owed, including payroll deductions, year-end tax filing payments, and after subtracting refunds.

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