wages were 35527.56 and they held 3681 for federal taxes. i dont remember how many exemptions i checked on my w4 and i worked at same place all of 2006. I had the same setup in 2005, but I started that job in sept of 2005 and for the income i made from sept to dec, i got back close to $900 refund when i filed my taxes in 2006. This year I owe around $140. Should i take it to a tax filing service to get it done to make sure or is it not worth it.
2007-02-01 16:20:26 · 5 answers · asked by joon 2 in Business & Finance ➔ Taxes ➔ United States
OK, your earlier question said you were filing as single and independent. If you don't have enough deductions to itemize, and don't have any adjustments like student loan interest, and don't have any dependents, your taxable income would be 27077.56, and your tax would be $3684, so you'd owe $3, not $140. And if you qualify for the telephone credit, that would give you back $30, so you'd get a $27 refund. Check and see which of these numbers doesn't match. Email me if you don't see where something is wrong.
This assumes that you didn't have any other income.
The reason you got back so much last year was that they took out taxes like you made that much all year, but since you only worked a few months, you were in a lower bracket.
You can't take the EIC as someone suggested. With that much income and no dependent children, you are not eligible for it.
2007-02-01 17:16:59 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Im not sure what or where your first question was but simply your wages and federal taxes arent enough to give you an idea of why you might owe. What is your filing status? is it just you or do you have dependents to claim? did you take any distributions from pensions or IRAs prematurely? did you own a business at all? what about unemployment? interest or dividend income? did you own a home that you paid mortgage interest and property/school taxes? i mean the questions are endless...i work for a tax company as a preparer so i know how extensive they can be. generally if they are taking about 10% which is looks like they are you should be ok, so there has to be something else that is making you owe. If your situation is more complicated than just one W2 you might want to take it somewhere or to someone to help you...but dont go to joe blow down the street...go somewhere that has a long standing name...chances are better that they will done right because they dont want their name ran through the mud...they might be pricey but i think its a small price to pay to be sure things are done right...then again maybe my opinion is biased.
dont forget to get your telephone excise credit if you qualify...its not much but every little bit helps
2007-02-02 00:44:41 · answer #2 · answered by imaginadia510 2 · 0⤊ 0⤋
There are some great software CDs out to help.
I understand they're easy and thorough. I think
Turbotax is one and Quicken might be another.
See how much HRBlock would charge you vs
cost of the software. I'd have a professional go over
it. You don't know the new laws this year do you?
2007-02-02 01:12:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Did you try to re-figure it? Did you take the EIC? Have someone else look at it and see what they see. If you only need the 1040A or EZ form, somethings amiss. Good luck.
2007-02-02 00:36:07 · answer #4 · answered by stray cat 4 · 0⤊ 0⤋
There are several places on line that you can use to check this out and even file your results for free.
go to irs.gov
2007-02-02 00:40:36 · answer #5 · answered by Ta Dah! 6 · 0⤊ 0⤋