If you have an instrument cluster regulator, sometimes the contacts get corroded and the high resistance will cause the fuel gauge to read low. The regulator plugs into the back of the cluster circuit board on most models and can be removed for service. If you are careful, you can remove the cover of the regulator and use a point file to clean up the contact set.
The cluster regulator feeds constant voltage to the tank unit, if it is functioning properly, you can hook a test light to the wire going to the sending unit in the tank after you remove the wire from the sending unit, you should get a test light that blinks on and off. If the test light does not blink, the circuit is open or the cluster regulator is bad.
Modern oxygenated fuels eventually eat up the brass float in the tank sending unit by degrading the solder joint. This will cause the float to fill with fuel and stay on the bottom of the tank for a permanent "empty" reading.
Many of the repop tank sending units produced overseas are defective because they have the wrong resistance wire installed in the unit which produces an inaccurate gauge reading, if that is the case, you got screwed and will need a functioning replacement.
Dave