About how much should I get back on my tax return?

Question

I make around $38,200 a year. Of that, $8,200 went to taxes. $4,156 for Federal Withholding, $463 for Fed MED/EE, $1,981 for Fed OASDI/EE, and $1,597 for CT withholding. I'm single with no dependents. Can someone give me a rough estimate as to how much I will get on my tax return? Thank you very much!

Answer 1

Go to irs.gov and they have a calculator. It's the best way for you to do it yourself and not go to an accountant or something. Also, you can go to TurboTax.com or something similar and put in the numbers as if you were doing your return. They will tell you and then just cancel it and file yourself...

Answer 2

Rough estimate:

$38,200 income (nothing from interest, dividends, IRAs, tuition, etc)
$3,300 single personal exemption (assuming your parents can't claim you)
$5,150 single standard deduction (assuming no mortage, state tax, sales tax, charitable contributions, medical expense, other expenses add up to over $5150 in itemized deductions).
leaves $29,750 in taxable income

Tax on $29,750 is: $4,089.
less $4,156 paid in for withholding
less $30 for telephone excise tax refund
leaves a refund of about $97.

Answer 3

I'm linking to a really good tax estimator. Just enter the info and click on each of the buttons to fill in any relevant info. It'll take you maybe 5 minutes and give you a real good idea on what you'll owe in 2006.

Answer 4

Unless there's something else that you didn't mention in your question, your taxes would be $4089, so you'd get a refund of $67, plus a possible $30 phone rebate if you're eligible. Hey, it's better than nothing.

As far as state, I don't know how you'd stand. I'm not familiar with CT taxes.

Answer 5

The taxman owes you $97

Don't forget that includes $30 telephone tax refund.

Thank you, Mr. Tax Wizard


Dang...Mouse beat me to the punch!