My husband made in gross pay $40080.00 this year and in net pay it says $30606.12. I dont work and we have a 4 year old . federal only took out $1397.00 social security took out $2484.97 and medicare took $581.00.Does anybody know if i should expect a tax refund this year or not?this is for the whole year.I tried using taxcut but i got all confused can anybody help?
2007-01-02 03:17:36 · 5 answers · asked by daisygurl326 1 in Business & Finance ➔ Taxes ➔ United States
the 5000.00 that isnt accreditid for 2000.oo of that went to an employee damage charge his boss took out money for a thing my husband broke and the other 3000 was due to some loans we asked for but i guess it wasnt taxed,i dont get why its showing up like we are missing 5000 are we gonna get in trouble?
2007-01-02 03:46:25 · update #1
No, you're not gonna get in trouble.
And here's your calculation for Federal purposes.
Income = $40,080
Standard Deduction = 10,300
Personal Exemption = 9,900 (3 people x 3,300 each)
Taxable Income = $19,880
Federal Income Tax = $2,226
Child Tax Credit = 1,000
Fed Tax Withheld = 1,397
Federal Refund of $171
2007-01-02 08:15:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
First of all you have about $5000 in unaccounted for deductions. That is, you paid about $5000 in various federal taxes and say you have net pay of 30606. You had $5000 deducted for something. What was it? This could have a material impact on your tax liability depending on what it is.
You should be getting 1040 forms from the IRS this month assuming you filed a return last year.Just fill in the form and look up your tax in the tables. At your level of income it should be pretty simple.
2007-01-02 11:29:19 · answer #2 · answered by SDD 7 · 0⤊ 0⤋
Hopefully you should get a tax refund. Also you are entitled to some tax credits like the EIC and the child tax credit. If you would like to receive a lower tax refund next year, but bring a little more to the house with your husband's paycheck, be sure he fills out form W-4 at his job indicating he is married with a child.
2007-01-02 11:31:05 · answer #3 · answered by Leonardo 1 · 0⤊ 0⤋
hi daisy do you live in ny? i know where your husband can get his taxes done for free. and they are excellent. it's according to your salary and dependents. he has 2 you and the child. he can claim the eic credit. you have a child you will always receive a refund until the child is grown unless he lives elsewhere. so dont worry. email me direct okay. i am separated so i know alot about taxes to some degree. hope you live in ny. oh fyi dont go to hr block. crooks! they dont get you anything back!
2007-01-02 11:28:19 · answer #4 · answered by sexy c 3 · 0⤊ 0⤋
Well, You asked if you should expect a refund...You didn't work so you won't get one..
2007-01-02 11:28:39 · answer #5 · answered by chazzer 5 · 0⤊ 0⤋