im single, 26, pay about $7500 in rent a year, have zero exemptions, live in CA. and have already paid $10,000 dollars on earnings of $40,000. What should I expect back?
2006-12-11 18:13:56 · 6 answers · asked by jygolfer_72 1 in Business & Finance ➔ Taxes ➔ United States
With $40,000 in earnings, you would subtract your standard deduction for single which is $5,150 and 1 exemption which is $3,300. That leaves you a taxable income of $31,550. Tax on that would be $4,451. If you have paid in $10,000, you can expect a refund of about $5,549.
2006-12-15 02:06:47 · answer #1 · answered by D.M. C 2 · 0⤊ 0⤋
You'll owe about $4500 in federal income taxes, so if the $10,000 just includes federal income tax withholding, you'll have a refund around $5500. You might consider claiming 1 on your W-4 instead of 0, since otherwise you're giving Uncle Sam a large interest-free loan.
If the $10K includes FICA and state withholding, then you'd likely still see a refund but not as large - if that's the case, find your YTD federal withholding on your last pay stub, and subtract $4500 from that to calculate your approximate refund..
2006-12-11 18:31:41 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
I don't think your in a 25% tax bracket, and since you elected no exemptions your sure to get a refund of overpaid taxes. Take your exemption, why let the govt sit on your money?
2006-12-11 18:20:30 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Ask an accountant or go to a website on U.S. taxes. There's probably a certain amount of living expense you're allowed and you may have been overtaxed already. I don't know because I'm Canadian but our government sucks the money out of us too!
2006-12-11 18:16:34 · answer #4 · answered by ? 6 · 0⤊ 3⤋
u can try investing on stocks
2006-12-11 18:22:32 · answer #5 · answered by jasom lim 2 · 0⤊ 2⤋
maybe a little if anything- D
2006-12-11 18:19:02 · answer #6 · answered by Debby B 6 · 0⤊ 3⤋