income taxes?

Question

I trying to find out somewthing. someone filed income an his job does not take out taxes he had to pay in 1,500.
he said he had 19,000 in gas to take off his taxes to get back. An had 1,200 after taxes an after filing an fees he only got 700 dollars back thats filing single with one dependent which was a child 2 years old. he said the child brought him only 300 doing that. really what im wanting to know is how much do you get back range wise on a child as a dependent he said only 300 i thought it was like 1,000. so did he really get back 300 after filing child or did he get more an just not saying.

Answer 1

Having a child dependent may or may not have an effect on your tax return. Here are some examples of what can happen if you have a child on your return.

1. The child will reduce your taxable income by $3,300. If you are in the 10% tax bracket, this means a savings of up to $330 on your return.

2. If you owe tax, then a child under the age of 17 will reduce your tax up to $1,000.

3. If your income is below $32,000 (or $34,000 if married), then you will get the Earned Income Credit which may reduce the taxes owed or give you a refund if you do not owe tax.

4. If you pay for daycare for the child so you can work, you can reduce your taxes owed by claiming a credit for daycare.

As you can see, there is no set answer. But 1 and 2 above are probably what you and your friend were thinking about.