I'M A STUDENT AND MY PARENTS ALSO CLAIM ME AS A DEPENDENT.
I MADE AROUND 11,000 LAST YEAR AND MY THEY TOOK AROUND $850 FROM TAXES.
HOW MUCH WILL I ROUGHLY GET BACK? MY MOM DID MY TAX ES AND SAID I WAS GOIN TO ONLY GET 250.. BUT IT SEEMS WRONG..
MM
HELP
2007-03-01 19:06:51 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
Does not seem grossly incorrect because your parents claimed you as a dependent and you made 11,000.
2007-03-01 19:20:01 · answer #1 · answered by bbrzt 4 · 0⤊ 0⤋
Try writing in plain English (and turn off the DAMN CAPS LOCK!) and maybe it won't be so confusing any more.
With your income and your parents claiming you, your refund sounds about right.
If you want a bigger refund next hear, tell your employer to hold back an extra $50 from every week's pay. Then you should get a whopping $2,700 or so. Of course, you'll be $50 short every week for the entire year but you WILL get a nice fat refund. The US government will use your money interest free for the year and I imagine they'll be grateful for your support.
2007-03-02 07:40:16 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If you parents claim you as a dependent, you are still entitled to the $5,150 standard deduction. Subtract that from your income of $11,000 and you have taxable income of approx. $5,850. Tax on this amount is $583. Subtract from your withholding of $850 and you are left with a refund of approx. $267.
seems correct to me.
2007-03-02 06:14:14 · answer #3 · answered by tma 6 · 0⤊ 0⤋
I just calculated that the $ 850 taken out of your salary was for Social Security (11,000 x 7.65% = 841.50). Social Security, is not tax deductible, nor does it become a credit towards taxes paid.
Since you are being claimed as a dependent on someone else's return, you lose your personal exemption and you get a reduced standard deduction. Since you did not inform us of how much you paid in estimated taxes for the year, there is no way
anyone can determine if you will get money back or you will owe any.
Provide us with how much was paid for estimated tax, and someone here will do the calculation for you.
2007-03-02 10:20:21 · answer #4 · answered by bold4bs 4 · 0⤊ 3⤋
well you should go to H&R Block web page and that tax caculator that will get you a good estmate and good luck
2007-03-02 10:07:07 · answer #5 · answered by Shelly 2 · 0⤊ 0⤋