Revised-Tax refund-I had $8,000 taken out for taxes & I make $40,000/year,how much should I expect to receive?

Question

Tax refund - If I had $8,000 taken out for taxes and I make $40,000 a year, how much should I expect to receive back in my refund?

I'm single, No Dependents, I own a home, Standardized deduct.

Answer 1

Your taxable income would be $31,550, and your tax $4451, so you overpaid by $3540, and that will be your refund, plus the $30 phone tax credit if you qualify for that.

You might consider having less withheld for 2007, unless you like giving the government an interest-free loan of your money.