last year with 1 child it was $3,450
2006-12-09 08:41:34 · 4 answers · asked by daniellecasteel83 1 in Business & Finance ➔ Taxes ➔ United States
Why are you paying so much in taxes each week? Based on exemptions and standard deductions, you should owe very little tax if any. Check your W4; you should be claiming at least three deductions.
Last year you loaned the government $3,450 for free (you got $0 interest). You should pay less tax each week instead of waiting for your free loan back.
2006-12-09 10:30:24 · answer #1 · answered by n0witrytobeamused 6 · 2⤊ 0⤋
Assuming 'Married filing Jointly', using the standard deduction, and 4 personal exemptions (1 for you, 1 for your spouse, 2 for the kids), your taxable income is $1500. This makes your tax liability $151. You may be entitled to an earned income credit, child tax credit, and or credit for child/dependent care. Without knowing the amount you have had withheld, any one predicting your refund in making assumptions about your withholding.
Assuming 'Single' and the standard deduction, your taxable income is $9950. That puts your tax liability at $1,119. The above comments regarding credits still apply.
2006-12-09 10:26:28 · answer #2 · answered by STEVEN F 7 · 2⤊ 0⤋
at your income level, if you file properly, and pay attention to what you are doing, you should get almost everything you paid in--back, it wont be all, but most of it,somewhere in the 95% area, good luck
2006-12-09 08:51:32 · answer #3 · answered by robert r 6 · 0⤊ 0⤋
Has your income came up, since last year? Can you itemize deductions?
2006-12-09 09:23:17 · answer #4 · answered by Betty 1 · 0⤊ 0⤋