I claimed myself as a dependent when I filled the form employers/government have you fill out when you mention the number of dependents in your family. These are my demographics:
Single
33000/year
1 dependant (myself)
Will I qualify for a refund or do I have to pay taxes?
2007-03-27 11:48:00 · 14 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Yes. Your tax liability for the 2006 tax year is $3,301.
You don't have any dependents, but you can claim one expemption for yourself. The expemtion amount this year is $3,300, so you would reduce your income by this amount.
If there are no itemized deductions, i.e., medical and dental expenses, mortgage interest, state taxes, contributions, etc., then you would further reduce your income by the standard deduction, which is $5,150.
Yor taxable income is$24,550 and your tax is $3,301. Deduct your federal withholding shown on your W-2 from your tax and you will have the amount due to the federal government or a refund to you!
Now for your state taxes . . . (:
2007-03-27 12:38:18 · answer #1 · answered by Terry J 4 · 1⤊ 0⤋
Of course you have to pay taxes! You made more than $8,450 in wages.
You have no dependents! You cannot claim yourself as a dependent!
Without knowing your total financial situation and how much was withheld there's NO way to tell if you'll get a refund or have to pay. The only way to know that for certain is to prepare your tax return.
2007-03-27 12:55:37 · answer #2 · answered by Bostonian In MO 7 · 3⤊ 0⤋
Whether or not you get a refund depends on how much you had withheld. If you had more withheld than your tax liability, then you'll get your overpayment back as a refund.
Your tax liablility is probably about $3309. Any money withheld above that amount would probably be refunded. If you had less that that withheld, you're likely to owe the difference.
2007-03-27 13:12:10 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
believe it or not, but you've probably been paying your taxes all year long. At the end of the year is when we have to "file" our taxes for the prior year. It is the time of year when we determine how much we actually owed over the year and then subtract how much we paid in, usually in the form of withholding from our paycheck. If you paid in more than you should have, you get a refund. If you paid in less, then you owe.
2007-03-27 15:08:16 · answer #4 · answered by Rand 1 · 2⤊ 0⤋
That depends on certain factors. How much did you have taken out in withholdings? Do you itemize or use the standard deduction? If you own a house with a mortgage on it, you get to deduct the real estate taxes and mortgage interest paid for the house each year, along with other various itemized deductions.
2007-03-27 12:07:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Based on the info you gave you will have to file and pay. If you had nothing withheld, you owe for sure. If your employer withheld something you might get a refund depending on the amount withheld. I would suggest you take your W-2 and go talk to somebody like H&R Block.
2007-03-27 12:20:09 · answer #6 · answered by John G 1 · 0⤊ 0⤋
Yes you will have to file taxes. Anytime you make more than $10,000 in a year you need to file taxes. It depends on what you claimed on your w-2 form all year on weather you owe or if you will get a refund. Also do you own a home or have any other deductions? That makes a difference. You should check out
www.irs.gov there is more info on there.
2007-03-27 11:56:53 · answer #7 · answered by Anonymous · 0⤊ 2⤋
You are kidding, right? Being single puts you at the highest risk. Not that long ago, I only made about $19,000 reportable and ended up not only paying taxes all year long, but had to write a check to IRS for about $1300.00! $33K is SUBSTANTIAL for a single person, and you have a big tax responsibility.
2007-03-27 11:57:04 · answer #8 · answered by Curious_Yank_back_in_South_Korea 7 · 1⤊ 2⤋
You will likly get a refund when you do your taxes.
Don't know if you rent or own your home but that will make a little difference on how much you get back.
2007-03-27 11:58:01 · answer #9 · answered by mburleigh8 5 · 0⤊ 2⤋
Pay attention to bostionianmio. I prepare taxes too and have never found him to be wrong
2007-03-27 13:07:21 · answer #10 · answered by curious george 5 · 0⤊ 0⤋