When I got hired at my job and filled out the w-2 form, I wrote that for each paycheck I wanted $50 to be taken out. So where does it go or will i get it back? If I remember correctly my boss told me that when I filed my taxes I'd get that money back, but I'm not too sure. And I can't ask him because we went on vacation for 2 months. thanks for you time and help
2007-02-23 23:03:57 · 7 answers · asked by Tangerine 1 in Business & Finance ➔ Taxes ➔ United States
This extra amount is withheld from your pay and sent in to the IRS. If you overpay your taxes you get a refund when you file your tax return. You need to file a tax return before April 15th.
2007-02-23 23:13:09 · answer #1 · answered by themainsail 5 · 0⤊ 0⤋
That depends on what you put on the W-2... usually that is "excess tax withholding" which got sent in to the federal government
That money will be applied toward any income tax you owe... or i you had too much withheld, you get a "refund check"
Note the word REFUND
That means you OVERPAID,not that the government is giving you "free money"
Instead of looking at the refund amount... look for the line that says "TAX OWED" just before the line that says "TAX WITHHELD"
ADD up the FICA and the INCOME TAX OWED. That's how much the government TOOK from you that you WILL NOT GET BACK.
2007-02-23 23:10:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Whatever is withheld from your paychecks for federal income tax is deposited by the employer to the IRS. Your boss can't know whether or not you'll get that money back - it depends on what your total taxes are for the year from all income sources.
The money that was withheld will be shown on your W-2. When you calculate your taxes, if your total amount paid in is more than the total taxes you owe, then the extra will be refunded to you.
2007-02-24 12:00:24 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
That money goes to the IRS. When you file your taxes, if you are below a certain amount you will get the money back in a check from the IRS. How much you get back depends on how much you earned and how many people are in your claimed family. If you made too much, then you may owe money. If you don't make enough, they owe you money.
2007-02-23 23:08:18 · answer #4 · answered by Chali 6 · 0⤊ 0⤋
That extra 50.00 that was taken out would be applied to any taxes that you may have to pay in but if you overpaid you will get a refund you will find all this out when you file your income taxes.
2007-02-23 23:20:56 · answer #5 · answered by Denny O 4 · 0⤊ 0⤋
That money gets included in your federal tax withholdings for the year. Once you file your taxes, it will either increase your refund or reduce the amount that you owe.
2007-02-23 23:43:36 · answer #6 · answered by Steve 6 · 0⤊ 0⤋
search in this site. you may be clarified. this site will file your taxes.
2007-02-24 00:43:02 · answer #7 · answered by Anonymous · 0⤊ 1⤋