tax question again, help?

Question

i owe 10 points to the people that helped me out when i asked this question a few days ago. but i need more details.
so, here's what i know about my situation.
i make 65,000 now. but last year i made 55,000.
i started work in october of 2005. after april of 2006's tax filing,
i got back about 1,400 bucks, i think.
so, then i got raise. to my current 65,000.
so after next april's tax filing, how much will i get back from the government. will i actually end up owing? but how can that be?
at my current salary, i get 900 a week. i live in midtown manhattan,

Answer 1

As long as you didn't change your W-4 form, the amount of withholding coming out of your paycheck scales with your income. As you make more income, the percentage of withholding goes up to match the higher tax rate. All things being equal, if you earn more this year, your refund may go up a bit, may be close to the same, or may drop a tiny bit.

However, if this answer does not satisfy you, you can get more analytical. Do a mini tax return with what you know today. Take your pay stubs and figure out what you have earned and add it to what you expect to earn by December 31st. Add to this your other income (interest, dividends, etc.) and subtract any adjustments (IRA contributions, etc.) and subtract your exemptions ($3,300 per person this year...up from $3,200 per person in 2005) and your standard deduction or your expected Schedule A deduction. Then, go to www.irs.gov and look up the 2006 tax tables and figure out what your tax liability will be. Then, subtract what you expect your yearly withholding will be (look at your pay stub to figure out what you've withheld so far and add to it what you expect to withhold by December 31st). Viola, you have a very good estimate of your 2006 refund.

Hope this helps :)

Answer 2

You need the following information so we can answer your question How many exemptions are you claiming on your W-4
Are you buying a house? Did you move? The tax system is not just about Income, it's more about your life style and how you spend your money. With what info your giving you will not get too much refunded and even may owe some unless you give more information. Go to the link below and sign the guest book and I'll send you a free worksheet. You just fill in the numbers.

Answer 3

You did not pay taxes on it once you took the distribution. 20% became withheld in course of federal income taxes, the exact same way that federal income tax is withheld out of your wages. You contain the total distribution on your taxable income. Your entire income determines how a lot tax you'll pay. The tax withheld is further to the taxes withheld on container 2 of your W-2s. in case you've been below age fifty 9 a million/2 on the time of the distribution (or below fifty 5 at times with a 401(ok)) there'll be an better 10% penalty for early withdrawal.

Answer 4

So, lets see. You Gross $1250 per week. You Net $900. So, your withholdings total $350 per week. Of that $350, about $95 is FICA and Medicare and I'm going to assume about $75 is state taxes. That leaves $180 Federal Tax withheld per week or $9,360 per year. (This would be more accurate if you gave actual numbers for your withholdings on each paycheck, as it is, it will be a ball park estimate).

Now, $65,000 less $5,000 standard deduction less $3,200 personal exemption leaves you with $56,800 taxable income. According to the tax table, your tax would be $10,871. So, by my calculations you could owe $1,500. Like I said, this is a shot in the dark based on what little bit of information you have provided. For instance, we don't know if you have other deductions from your check each week like insurance, 401(k), or garnishments.

You may want to check and see how many deductions you are claiming on your W-4 that you have on file with your employer, your withholding seems to be very low.

Answer 5

Kenshin and Jeff both assumed standard deduction, not itemized. They also failed to enter into the equation that (I believe, but may be wrong on this) you pay City of New York Income Tax thus have withholding for it. Taxman's answer is the closest to correct without having more data to work with. I would never attempt to answer your question without looking at your prior year's 1040 and asking a few follow up questions. But, hey, I'm not a CPA!

Answer 6

Do the work that Tax Man suggested. It might be a pain to do it, but its the best way to figure out your taxes.

I do it every year to determine my W-4 withholding.

Answer 7

2005
1)single
2)AGI=$55,000.00………………^^^^
3)Deduction=$5,000.00……….^^^^
4)Exemption=$3,200.00……….^^^^
5)Taxable income=$46,800.00…^^^
6)Tax=$8,359.00…………………..^^^
7)Credit=?
8)Withholding=? ($8,359.00+$1,400.00=$9,759.00)
9)Refund is =1,400.00

2006
1)single
2)AGI=$65,000.00……………..^^^^
3)Deduction=$ 5100.00………^^^^
4)Exemption=$ 3,300.00……..^^^^
5)Taxable income is $56,600.00….^^^^
6)Tax=$10,809.00…………………^^^^^
7)Credit=?
8)Withholding=? Guess $11,000.00……..^^^^^
9)refund best guess is $150.00 to 200.00 refund

I won't know till I know what the federal withholding amont is on the w-2 from 2005