I ended up making gross 37000 in 2006 and when i tried to file it said i owed around $140 for federal. In 2005 I worked only a few months and ended up getting back a little under $1000. I thought I was going to receive over a thousand this year but i owe? I tried using more than one filing service and same result. What's up with that? I'm filing as single and independent w/out any special deductions. Just standard 1040 form.
2007-02-01 15:18:51 · 3 answers · asked by joon 2 in Business & Finance ➔ Taxes ➔ United States
It depends how much you have taken out of your paycheck - and total tax owed.
If you had the same amount withheld from you paycheck, but then stopped working, and didn't earn any more, you may have owed little or no taxes. Taxes kick in after your income exceeds the threashold of your personal exemption and standard deduction, added together...which is very roughly $6000 for a single person. (i haven't looked at the form this year)
If you worked for all of 2006, and you owe - it means you do not have enough withheld from you paycheck. See your employer and fill out a new W4 if you wish to not owe at the end of the year. Either claim fewer exemptions on your W4, or write in an additional amount to be withheld from your paycheck that will cover the difference.
2007-02-01 15:24:48 · answer #1 · answered by Anonymous · 0⤊ 1⤋
How much money do you have taken out of your paycheck? If you are taking the standard deduction (not itemizing), and are claiming 1 exemption with an AGI (adjusted gross income) of $37k, your total tax due is $3909.
If you don't want to file period, your gross income has to be less than $8450.
2007-02-01 15:38:55 · answer #2 · answered by zukajlj 1 · 0⤊ 0⤋
what are you claiming on your w-4? if you claim too many exemptions, your company doesnt withhold enough taxes, so you will end up owing money. could you have possibly forgotten any deductions or credits?
2007-02-01 15:29:05 · answer #3 · answered by johnec4 3 · 0⤊ 0⤋