"Taxes owed" refers to the amount of money that an individual or business is required to pay to the government based on their income, property, or sales. This amount is calculated according to the tax laws and rates set by the government, which can vary by location and type of tax. When a person or business files their tax return, they report their income and any deductions or credits they may qualify for. The final calculation determines whether they owe additional taxes or are entitled to a refund. Understanding taxes owed is essential for financial planning and compliance with tax regulations.