If you make under $29k do you get all of your federal income taxes returned (not including Soc. Sec. taxes)?

Answer 1

If you are single and you take the standard deduction ($5,150 in 2006) and the personal exemption ($3,300 in 2006) you taxable income would be $29,000 - $5,150 - $3,300 = $20,550. You would have had a federal income tax amount of $2,709 in 2006.

If you are married and take the standard deduction of $10,300 and two personal exemptions of $3,300 each (in 2006) your taxable income would be $16,900 and you would have had a federal income tax amount of $1,213 in 2006 (married, filing jointly).

In 2006, a single person could earn $8,450 before owing any tax; a married couple filing jointly could have an income of $16,900 before owing any tax.

Answer 2

Only if you're married and have 2 kids and the $29K is the total earnings between you and your spouse. A married couple has a standard deduction of just over $10,000. A family of 4 gets over another $12,000 exemption. Which would bring your taxable income down to $7.000. The child tax credit would wipe the tax liability to zero. You would get a refund back for your federal withholding only.

Any other situation, the answer is no.

Answer 3

No. There are limits where you don't owe any tax, but they are a lot lower than that. In 2006 if you were an employee and a dependent, you didn't owe any tax if you made under $5150. If you were an employee, single, not a dependent, the limit was $8450. For a married couple, the limit was $16,900.

If you have several dependent children, the limit would be much higher where you'd get everything back, since you'd get an exemption and a child tax credit for each of them.

And with the earned income credit, you might even get more back than you paid in.

But at $29,000, unless you had at least one child, it would be very unlikely that you'd get everything back.

Answer 4

That would depend upon your filing status and the number of exemptions that you are entitled to. A married couple with 7 children and an income of $29,000 would have zero tax liability if they took the standard deduction. Due to the child tax credit and possibly the EIC you would only need to have 2 or 3 kids to wind up with zero tax liability. If you were single and had no dependents you would definitely have a tax liability at that income level.

Answer 5

Most people who make $29k pay some federal income tax, but you may be able to avoid it. There are literally thousands of potential factors that could affect you--that's why there's a huge industry around income tax preparation--an army of smart people who could be producing goods and services that would benefit the economy.

Answer 6

It's more like under $8,000 or $9,000 to pay no taxes as a single filer. It might be as high as $9K for 2007.

If you are married or have children, you may be entitled to the Retirement Contribution Credit; the credit applies to any monies contributed to a workplace retirement plan or an independent Roth IRA. The credit applies on up to $2,000 in contributions and you can be entitled for up to a 50% credit. If you have children, you're entitled to file head of household and may also be entitled to the Earned Income Credit (EIC) and Child Tax Credit. Those credits can potentially reduce your taxable liability to less than $0. In that case, you wouldn't need to have any money withheld from W-4 and may be eligible for the advanced EIC credit.

In any event, use TurboTax next tax season. Free tax prep is also available at any VITA tax center (such as at a university).

Unless you have a lot of itemized deductions, the answer is no as a single filer. A person making $29,000 is in the 15% tax bracket on about $12,000 to $13,000 of that money and in the 10% tax bracket on about $7,000 to $8,000. The total standard deduction plus personal exemption, I think will be around $9,000 this year, thus you will probably pay around $2,000 in federal taxes. I'm assuming you're a single filer. That's why every taxpayer should file two exemptions and budget the difference in a high-yield savings account. Most likely, you won't owe much tax. If you file more exemptions than you're entitled to, there is a possibility of an underpayment tax penalty that occurs if you are off by more than $1,000. For example, if you filed 8 exemptions and you were only entitled to 4, you'd likely have a problem.


Hope this helps.

Answer 7

If you are single, live alone and just have a 29,000 w-2, your Fedearl Income tax will be around $2500 - give or take a couple hundred. You should . With a Single -1 W-4, you'll just about break even - maybe a small refund , a single-) W-4 will give you a few hundred refund

Answer 8

The USA is not getting national healthcare. I am always amazed how many Americans seem not to be aware about the real healthcare issues relying instead on FOX and other sources to spread lies about the healthcare system of the USA and those abroad. I mean, if healthcare in nations with universal coverage is so bad, why do they keep it? Obama wants to make insurance more available to all and change the system so that it gives the American people value for money [1]. He also wants change so that the insurance companies find it harder to get out of paying for treatment. The system he is proposing looks similar to that which works in Taiwan where private companies are involved in providing healthcare [2]. Obama campaigned on reforming the healthcare system. He said he wanted to make insurance more available and he was elected by the American people to do this [3]. FACT - the US has higher death rates for kids both for kids aged under one and those under five than western European countries with universal health coverage [4,5]. FACT – American insurance companies push up prices and work to stop paying out claims on those they cover [6]. FACT - the USA spends more on healthcare PER PERSON than any other nation on the planet [7]. That means that a dead American four year old would have had a better chance of life if they were born in any western nation with universal health coverage. If you do not like the policies that Obama was elected to bring in, he can always be voted out of office in 2012. But if you disagree with the facts, please let me know. I am always willing to learn, but please provide proof. None of those who disagree with me have been able to do that so far.

Answer 9

no, no, no. You have to make a measly amount like under $3000 to get exempted from paying taxes. If you have children and qualify for earned income and so forth, then there's a good chance you will get most, maybe all, of your taxes returned. Just remember that if you get all your money back, then you have no grounds to stand on when you want to discuss political things that would involve the statement "well, i pay taxes for that".

Answer 10

Depends on deductions.