please don't just say it depends on so many factors. i made the money in a six month span (so 46K a year). i have very little i can cliam for deducitons. this is my first time. please give me a ballpark.
2007-01-30 00:38:38 · 8 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you made 23k in wages, and had 4400 withheld for federal tax. And that is IT. You will definately NOT owe. I don't know what that other answer is thinking.
I don't know how much you'll get back, but don't worry, you will NOT owe.
2007-01-30 00:47:27 · answer #1 · answered by miketorse 5 · 0⤊ 0⤋
Do you have a dependent? You said you claimed two, but don't mention a dependent, so my answer will assume that you don't. If you have a dependent, then you'd get more back - the amount would depend on their relationship to you and their age, so can't really estimate that.
Assuming it's just you, with NO dependent, you'd be looking at a refund of about $2600.
Something doesn't sound quite right here, that that much was deducted if you claimed two allowances on your W-4.
2007-01-30 10:47:20 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The numbers do not add up, do you mean you claimed one exemption on federal and state each. Or two exemptions on each? For your wages, it looks like you still paid out a nice chunk. But, if you are single with no kids, you will still owe more because you will not have the nice deductions that come with those dependents.
CHANGE YOUR EXEMPTIONS! I still, for the life of me, do not understand why people set themselves up to be gouged like this at the end of the year. If you do not have dependents, do not claim them on your paycheck.
2007-01-30 08:51:07 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Yes, you will more than likely at least owe state. Change your exemptions to zero. Since you are single, you may even want to have an additional 5 bucks or so taken out each week on state. I know many people who are single that owes state each year because they wont listen to me and have additonal amount taken out.
2007-01-30 08:50:47 · answer #4 · answered by kristy h 3 · 0⤊ 0⤋
If you're single and claimed 2 withholding exemptions you're just about at the break-even point, so you're looking at about $50.00 either way.
It doesn't matter that you worked for only 6 months, it's the total income that matters.
If you want to know, fill out a tax return and calculate it.
2007-01-30 09:14:36 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋
You will most likely receive about 1/3 of it back. The best way to check is to go through the paper work. You can fill out and see what your refund will be through www.turbotax.com. There you will be able to go through the process of filling out your return and finding out your refund. You only have to pay when you want to print and/or file your return. If you just want to get an idea of how much you will get back this is the best way to do it.
2007-01-30 08:50:40 · answer #6 · answered by Lori D 2 · 0⤊ 0⤋
Wages: $23,000
Subtract $8,450 for single standard deduction and exemption
Taxable wages: $14,450
Tax: $1,805
Refund: $2,595
Your withholding was based on your annual income of $46,000. Don't change anything because next year your taxes will be higher. But you get a nice refund this year.
2007-01-30 09:49:02 · answer #7 · answered by ninasgramma 7 · 1⤊ 0⤋
You probably will owe, sadly, there's no way to tell you exactly how much, probaby a couple thousand though.
If you don't want to have to pay in, and you are single, you need to change your exemptions to zero. Then you'll not have to pay in, and will even get money back.
2007-01-30 08:43:22 · answer #8 · answered by paj 5 · 0⤊ 3⤋