In the year 2006, I had one job, but my wife had 3 different jobs, one of them didn't take any federal tax out on that one job. The amount she made was 1,521 and worked there about a month and a half. We have 2 very young kids, made about 12,000, and paid in about 400 in federal. My question is will that one job hurt our refund, or does it not matter at all. What do you suggest we do. Thank you!
2007-01-30 14:00:41 · 7 answers · asked by nystateofmind8989 2 in Business & Finance ➔ Taxes ➔ United States
With income that low they probably wouldn't, based on the withholding tables. She probably declared 4 exemptions too. That decreases the amount of withholding.
Suggestions: file your return with Turbo Tax, pay if you owe and change the withholding amounts for 2007.
2007-01-30 14:05:48 · answer #1 · answered by Dizney 5 · 1⤊ 0⤋
I am an accountant so I can answer this for real. When you work for a company you are taxed at the federal tax bracket income that you would make for a year. Since she did not make a large amount of money and I am guessing she was not on salary, (this does make a difference) then you would possibly hurt yourself more then help yourself, especially if the extra income put you into the next tax bracket. The IRS will not come after you for that amount of money. If you are curious as to how much they withheld multiply that amount by .0765 and that is your answer. You can add that to your taxable income and see if the bracket changes and what not. My guess is that it won't make the slightest difference because regardless...she made enough to have to pay taxes period. If she didn't then she would get all of the federal withheld back.
2007-01-30 14:12:54 · answer #2 · answered by leanne_13212000 1 · 0⤊ 1⤋
If she got a W-2 for it, it probably won't hurt your refund much and probably not at all, since with $12,000 income and two kids, you won't owe any taxes anyway. If she got a 1099 for it, it could hurt it some but not more than about $250, maybe less.
You should see a nice amount from the EIC.
Good luck.
2007-01-30 17:34:04 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
I had that happen once with a part time job and I wound up having to pay in. Since your refund is based on what your overpaid, and in this case nothing, it would reduce your refund from what you might have anticipated but at that income bracket it should be okay.
I always toss a little extra in, just in case. I'd rather loan the IRS some money than have to come up with cash on April 15th.
2007-01-30 14:10:04 · answer #4 · answered by T.I. 3 · 0⤊ 0⤋
It raises your income bracket $1521 -
You have to include it on your income list -
What we suggest is irrelevant, it is what the IRS requires
AND as most of the info is in the big computer , failing to list income is tax fraud and you do NOT want to know what that would cost.
Go to the IRS site , click on the free file (top center page) , select an efile service and start plugging in numbers.
$1500 does matter and trying to not list it is most unwise. We know nothing of your other deductions, so we have no way of knowing if it affects your refund.
YOU must do the paperwork, and don't forget the EIC credit.
http://www.irs.gov/
2007-01-30 14:15:38 · answer #5 · answered by kate 7 · 0⤊ 0⤋
Look in the Blue Pages of your phone book under "US Government". Look for the Internal Revenue Service -Taxpayer Assistance Division office near you. Bring all your paperwork,ID for both of you and all Social Security Cards. These folks will help file your taxes,answer questions and help you fill out necessary forms for FREE!
2007-01-30 14:17:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Use a free tax s/w online service such as taxact or some other deal found here http://www.redtagdeals.com/tax_preparation_online-coupons and input your W-2s and figure it out!
2007-01-30 14:04:32 · answer #7 · answered by weight-loss 2 · 1⤊ 0⤋