im a truck driver. i work for a company and am not self-employeed. i live in ohio. ill bring in around 40,000 gross this year. no kids, no deductions... im single... white...
will i get or recieve? how much? thanks!
2006-09-04 03:43:26 · 5 answers · asked by sean_mchugh6 3 in Politics & Government ➔ Government
Most people get a small refund because the W4 withholding calculations are skewed in favor of the IRS.
You can't know what your tax will be exactly, but you can fill out a dummy return using last year's form -- which won't be perfectly accurate but the only other option is to rely on ther W4 instructions and worksheet.
2006-09-04 03:50:25 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Look at your last check. Take the YTD tax amount, and multiply the per paycheck tax amount by the number of remaining checks in the year. Add the two together.
Then go to IRS.gov and download the tax table. If you earn 40k, you can subtract out a standard deduction from your income (around 6500 total for single I beleive), so get the tax for single at 33,500 in income. The diff from this tax to the amount you added up above is either your refund or what you owe.
That is for fed only. I cant speak for your state garbage, but the same theory applies.
2006-09-04 03:50:07 · answer #2 · answered by Ray Nagin 2 · 0⤊ 0⤋
If you have no dependents and no deductions, this will increase your chance of having to pay in. However, if you are having the highest amount of taxes withheld from your paycheck, you might possibly get a refund. You can't know for sure until you file your taxes, but you might want to check and make sure that you have the appropriate level of taxes withheld from your check so you don't get a big surprise when you file!
2006-09-04 03:47:30 · answer #3 · answered by rockinout 4 · 0⤊ 0⤋
Unknown without complex information. How much are they deducting, what about medical, long form or short, do you have an IRA and how much have you put in it. What about charitable deductions? That's just the tip of the iceberg. Do you have a tax consultant?
2006-09-04 03:47:56 · answer #4 · answered by oklatom 7 · 0⤊ 0⤋
you can figure this simple question out if you go to www.H&R Block.com if you look to the right of the page it will have a box that say free quote you imput your information and in just seconds it will tell you what to expect in return.........You dont have to worry about filling out all the paper work at a office then being told you wont get nothing back....
2006-09-04 03:55:45 · answer #5 · answered by sweetteekoonce 1 · 0⤊ 0⤋