ok... i got married on january 1 2007, sometime in march i changed the number of dependent i claimed from 1 to 2... in october my wife and i are having a baby, then i'm going to claim 3.... now this year (2007) i have 1 job and 1 job only, my wife doesnt work and i'm going to bring in roughly 21k-22k at the end of the year.... i know less taxes are being taken .... my question is will i benefit from the government or will i owe ???
2007-06-13 17:13:42 · 3 answers · asked by newyorkjoey1 1 in Business & Finance ➔ Taxes ➔ United States
You will owe no tax at all and get a sizeable refund.
Income: $21,000
Standard Deduction: $10,700
Exemptions: $10,200
Taxable Income: $100
Tax: $10, eliminated by the Child Tax Credit
Refundable Credits:
Additional Child Tax Credit: $990
Earned Income Credit: $1750
Refund: $2,740 PLUS any tax you already had withheld.
So file early.
2007-06-14 02:20:13 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
With income of around $22K for the year, filing a joint return and with one child, you probably won't owe any federal income tax, since you'll have three exemptions. The child tax credits should wipe out any tax you'd owe, so you should get back whatever is withheld for federal income tax. With a child, uou should also be eligible for an Earned Income Credit of close to $2000 - be sure to show that on your tax return.
2007-06-14 13:42:20 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You should still get a modest refund. With the baby on board, you should also get a nice EIC payment on top of your refund.
2007-06-14 05:57:24 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋