I work full-time, make roughly 35G a year, and go to school full-time, with tuition costing about 24G a year. I take out loans to cover the cost, and my work pitches in. I'm 22. How much in taxes realistically would I have to pay? Can I get a lot of it back for April 2008? Thanks!
2007-05-17 18:23:33 · 5 answers · asked by carlos1485 1 in Business & Finance ➔ Taxes ➔ United States
Nowhere near enough information to say. Your marital status, number of dependents if any, or if you can be claimed as a dependent by your parents (maybe not likely but not impossible) as well as how much tuition you are paying and whether or not you have taken the Lifetime Learning Credit or Hope Credit in the past all figure into the calculations.
If you're not a dependent and have no dependents, your tax bill could go as high as around $4,500 or so. What you'll get back depends entirely upon how much you paid in.
2007-05-17 20:15:51 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Depends on a lot of things you don't say - filing and marital status, dependents, and some others. Your tax bill could run around $3600 for the year, less any educational credits you might be eligible for - you don't give enough info to figure that. Tuition and fees not reimbursed by your employer would probably be eligible for partial credits on your return.
Whether you get anything back depends on how much tax you owe and what you pay in, so there's no way to answer that part of your question.
The above is just for federal - depending on where you live, you will likely owe state income taxes also, and possibly local taxes.
2007-05-18 09:49:11 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
If you are single with no dependents, your taxes are going to be close to $4,000 with no other deductions. The maximum education credit is $2,000. This is a reduction of taxes owed.
So if your withholding is correct, you could get as much as a $2,000 refund because of the education credit.
2007-05-18 14:19:54 · answer #3 · answered by ninasgramma 7 · 0⤊ 0⤋
Don't know, you should know how much you are paying in taxes. your taxes should be automatically taken out of your pay.
2007-05-18 01:27:31 · answer #4 · answered by dior.junkie 5 · 0⤊ 4⤋
a good idea is to go to an H&R Block office or check with them online. They would be able to tell you.
2007-05-18 01:31:57 · answer #5 · answered by bighelp 3 · 0⤊ 4⤋