Hi, what can i expect on my tax refund.I am single claim 0 and have an extra 125 $ taken out each week?

Question

thats all, no other tax obligations or any deductions.

Answer 1

You need to give more information - like what will be your total income for the year for starters and the total amount of income you had with held for federal income taxes (and state - plus what state).

Good Luck!!!

Answer 2

The way the wage withholding tables are determined, using the correct filing status and number of exemptions should mean that with no other income and no other deductions, the withholding should be sufficient to cover the tax liability for the year. This means if you are single and have no other income nor deductions, the federal withholding on your salary should be enough to cover your entire federal tax liability for the year if you claimed "Single - 1" on your W-4.

Since you said that you claimed "Single - 0" and have an extra $125 withheld each week, you can expect your federal refund would be the $125 extra withholding per week x 52 weeks, plus the difference between the withholding amounts for "Single - 0" and "Single - 1".

For state taxes, it may be different from state to state. Also, the above doesn't account for non-standard compensation such as bonuses or stock income. Those compensation items are not withheld at the standard withholding, but is rather withheld at flat rates, which may be higher or lower than your marginal tax rate.

Answer 3

Since I don't know how much you made or if you work 2 or more jobs, I can't give you a good answer. However, I'm guessing that your refund will be at least $6500 for the extra $125 taken out each week on your paycheck.

Answer 4

Why are you having so much extra taken out? Do you realize that you're just giving the government an interest-free loan. You could have that amount automatically deducted from your paycheck or checking account, and deposited into interest-bearing savings.

Answer 5

i'm no longer able to discern that out the two, I arranged taxes for 3 human beings employing a tax utility and one and all of them owed state(a million filed head of kinfolk, 2 filed single). i replaced into thinking the comparable factor approximately how once you're doing the stairs for state it shows a larger volume and once you get close to ending the state steps, they finally end up getting a smaller volume or owing the state. can no longer answer your question because of fact i don't know why that happens. My bf consistently finally end up owing state in line with annum.

Answer 6

Why are you loaning the gov't money? Why don't you take that additional 125.00 per week deposit it into an interest bearing account.