how would i find out how much tax to take out for i.r.s.?

Question

i made approx 17,500 how much taxes have i paid?

ok i am responsible which was explained to me i have three children all in school and am co owner of a home since 2004 will i owe alot of money ,,,i'm scared a little

Answer 1

If you want to know how much in taxes you have paid, there should have been year-to-date (YTD) accruals on your earnings statements.

If you want to know how much you are liable for, that will depend on how you file your withholdings (Single or Married & number of dependents or Exempt) and if you have anything you can write off (mortgage interest, for example.

If you were paid as a contractor or subcontractor or in a fashion that makes you responsible for your own taxes, you would receive at least a 1099.

Those are the very basic answers for your question.

Answer 2

With 17,500 in income and three kids, you probably won't owe anything.

I think the current lowest tax bracket is 10% (the 8% created by Bush expired, if I remember). With that in mind, you can estimate whether you're within the "zero bracket", meaning you won't pay anything.

With three kids, you'll get a child tax credit of about $3000, which will cover the taxes on your first $30,000 (3000 divided by 10%). Add to the $30,000 the amounts for your filing status and total exemptions, and this is your estimated zero bracket threshold.

Since you're well below that amount, you're probably going to get money back that you never paid in, and if this is the case, you can safely file "exempt" on your W-4 every year and have nothing deducted at all.

(You're not going to get anything for the interest in your home unless your interest payments are higher than your standard deduction.)

Answer 3

It looks like you're in the ten percent range which means about 1,750 was taken out in income taxes. Of course there is also the social security taxes and medicare taxes which are not refundable until you retire. If you have dependents, then your refund will be even higher because of earned income credit......

Answer 4

Look on your pay stub to see how much was withheld. That is how much you have paid to date.

If you are single, no dependents, your taxable income is about $9,000 and your tax is about $1,000. If more than that was withheld, you get a refund. If less, you owe the difference.

Answer 5

Look on the check stubs you recieved thru out the year, it should say how much you have paid in...