Other taxes you may owe include the self-employment tax, additional taxes on unreported tips, additional taxes on the early withdrawal of retirement funds, the advance earned income credit, and household employment taxes. Just like tax credits reward certain activities, additional taxes increase the cost of various activities. The most common additional taxes are for early withdrawal of retirement savings before age 59-1/2 and self-employment taxes for independent contractors and freelancers.
Line 63: Total Tax
Add up Lines 58 through 62. Put the total figure on Line 63. This is your total tax liability. Compare this figure to your total tax from previous years to determine if your taxes are going up, going down, or staying about the same.
