Someone told my husband bout that he wasnt sure if its true or not. Because he don,t know he can find out his friend does his taxes.
2007-02-02 05:51:18 · 9 answers · asked by bikerdollbaby72 1 in Business & Finance ➔ Taxes ➔ United States
Well, the idea is that the more money you make, the more taxes you pay.
2007-02-02 05:56:21 · answer #1 · answered by jseah114 6 · 0⤊ 0⤋
Every situation is different. It would depend on how many or if you claim any and how much you make.
If you claim 1 or more, less taxes are taken out of your check, but you may end up paying at the end of the year if you didn't have enough deductions or taxes paid out.
I always take out extra to be safe. I'd rather have a refund than have to pay it out later.
2007-02-02 05:58:55 · answer #2 · answered by vkkesu 2 · 0⤊ 0⤋
It depends on several factors. The taxes which you have withheld from your pay aren't a savings plan, but are supposed to come as close to your actual tax as you can. Many people use this as a savings account, but it is not making your money work for you.
Go to www.irs.gov, "individual", withholding calculator, this will hopefully better answer your question.
good luck & blessing
2007-02-02 05:58:57 · answer #3 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 0⤋
Not true at all. It depends on the amount oif deductions filed witrh taxes and what you're claiming at the beginning of the job. Your best bet is go to the IRS website and get you answers there. It's not a good idea to count your chickens before they hatch,
2007-02-02 05:56:32 · answer #4 · answered by J B 3 · 0⤊ 0⤋
This will depend on a person's withholdings throughout the year and their tax liability.
2007-02-02 05:58:47 · answer #5 · answered by BahamaBride2006 1 · 0⤊ 0⤋
No. Your refund, if any, depends on how much you had taken out of your paycheck that's more than what you owe in taxes.
2007-02-02 18:27:16 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
Very true
2007-02-02 08:25:22 · answer #7 · answered by whymewhynow 5 · 0⤊ 0⤋
i'm pretty sure once you hit the $30,000 mark your income tax is not as much. not as many breaks
2007-02-02 05:58:28 · answer #8 · answered by clclc 2 · 0⤊ 1⤋
the answer to your question is yes the more you make, the more you pay, and the less you get back.... sucks doesn't it?
2007-02-02 05:59:38 · answer #9 · answered by mlukejr 2 · 0⤊ 1⤋