2007-04-26 14:35:07 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
ok here is how it works in a nutshell.
the US government needs money to function, so they take money from the citizens they serve. the reason why is the government is limited to how it can make money, unlike a business it cant sell anything (if they had something it is not allowed in the constitution to do so)
they could make money by loaning funds to another nation (like a bank) but most nations never pay us back (Russia for example)
we "give" millions even billions of dollars away every year to developing nations in the form of food, manufactured goods, labor, and even cash.
that never comes back so the burden as passed on to the tax payers.
your tax money is essentially a loan to the government, and at the end of the year they give back some of the money they did not use. unfortunately many people get money back that they did not give to the government in the first place.
and you dont get any interest from the loans like banks do when YOU borrow money.
2007-04-26 14:49:30 · answer #1 · answered by cwfraggle 3 · 0⤊ 2⤋
Most of the time I do get money back. There was a couple of years I did not because I had to take a hardship withdrawal from my 401k, but, like this year, I got a refund. Out of 30 years paying income taxes, only twice have I ever had to pay in more.
2007-04-26 14:44:59 · answer #2 · answered by Shaula 7 · 2⤊ 0⤋
No. When you prepare your tax return for the year, you calculate your total tax liability. Then you compare that number to the amount you had withheld for federal income tax. If you had too much withheld, you get it back as a refund. If you didn't have enough withheld, then you pay the balance.
If you get money back, it's only because you overpaid with your withholding.
2007-04-26 15:15:22 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
No. It depends on your tax liability which depends on a lot of things including how much you made, deductions, etc. While in high school and college, I always got most of my federal and state taxes back. This year, I owed $600.
2007-04-26 14:39:44 · answer #4 · answered by LaMorena 2 · 1⤊ 1⤋
Depends on whether or not you over pay, have sufficient deductions, etc. There is no limit to who can get a tax refund.
2007-04-26 14:37:50 · answer #5 · answered by Chris 6 · 0⤊ 1⤋
no you don't if you make a lot then you pay more taxes.
2007-04-26 14:38:02 · answer #6 · answered by nvrrong 5 · 1⤊ 0⤋
Heck no! I had to pay over $11,000 this year!
2007-04-26 16:05:07 · answer #7 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Nope. u don't.
2007-04-26 14:37:16 · answer #8 · answered by bunnygrl43 5 · 2⤊ 0⤋
NO...
US GOVERNMENT MAKES A PROFIT...
2007-04-26 14:37:57 · answer #9 · answered by cork 7 · 0⤊ 4⤋