I am single, no children, no house, live in CA. i put 2k a year into 401k. They have taken 7,500 out of my paychecks for federal taxes. I will not be claimed by anyone else. THanks for the help!
2006-12-28 12:48:40 · 3 answers · asked by brad_allyn 2 in Business & Finance ➔ Taxes ➔ United States
If your adjusted gross income is 52,000 (I'm taking that it's after your 401K contribution):
Your standard deduction for 2006 is $5,150
Your exemption for 2006 $3,300
That leaves $43,550 of taxable income.
Single tax for that is $7,451 so you should have $61 coming back.
See tax table below if your income is before the 401K contribution:
http://www.irs.gov/pub/irs-pdf/i1040tt.pdf?portlet=3
2006-12-28 13:27:06 · answer #1 · answered by KillerKat 3 · 0⤊ 0⤋
If your taxable income is $52,000, and the $2000 for your 401K is on top of that, then your federal tax deduction was spot on and your refund is $9.
If your $52,000 salary is reduced by the $2000 401K deduction to $50,000, then your refund is $549.
Good luck!
2006-12-28 13:19:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You probably have about $500 coming back.
2006-12-28 12:53:31 · answer #3 · answered by Judy 7 · 0⤊ 0⤋