I just wanted to know about what i get back when I'm making about 36 a year. If so please tell me where to look on my check stub. I thought i heard something like i get all the federal back or something.
BTW. I claim no Dependants and I am a single 21 year old on my own.
2007-09-13 03:53:29 · 5 answers · asked by Justin 2 in Business & Finance ➔ Taxes ➔ United States
You don't get any taxes back at the end of the year from your paycheck. You have to prepare, or have prepared, a federal (1040) and possibly state (if you live in a state with a state income tax) return to determine if you have overpaid your taxes or if you owe on your taxes. That's the way the system works. And as for the taxes taken out of your paycheck, you could get back some of all of your federal withholding and/or state withholding. You would only get some of your social security withholding back if you exceeded the social security limit ($94,200 in wages for 2006, and $97,500 in wages for 2007) in tax withheld (6.2% of the social security wages), this is normally from having two or more jobs where the total exceeds the social security wage limit but either one or neither of the jobs exceeds the social security wage limit. You don't get back the medicare withholding at all.
2007-09-13 04:10:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Nooooo, you won't get all the Federal back, not when you're making $36k and no dependants. Not sure who told you that... anyway go to irs.gov and you can use their free online worksheet that will estimate your refund for you. Just type in some info from your paycheck and answer some questions about your deductions, takes about 5 minutes. Anyway you really don't want to get ANY money back at the end of the year. Your tax liability is based on your salary and your deductions, and your refund (or balance due) is the difference between the tax liability and all the payments you've made over the year by having tax withheld from your check. If you're expecting a big refund, have your employer take a little less tax out of each check. Then you can use that money as you see fit for your own need every week. The government isn't going to pay you interest on the excess tax you give them to hold for a year, so why should you let them keep it?
2007-09-13 04:08:22 · answer #2 · answered by dcgirl 7 · 0⤊ 0⤋
If you are single with no dependents, and don't have any other adjustments or deductions that you didn't mention, your federal income tax on $36K a year would be around $3714. If the total withheld for federal income tax is more than this, then that extra is what would be refunded. If less that this is withheld, you wouldn't get a federal refund and would owe the additional amount.
2007-09-13 16:58:00 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
You may or may not get anything back. Any refund is based upon your tax liability and how much was withheld. If too much was withheld you'll get that back. If not enough was withheld you'll have a debt when you file.
2007-09-13 04:21:24 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
They will determine how much tax you should have paid and if you overpaid, you will get the extra back.
There is a calculator to tell you how much withholding you should claim in order to pay closest to what you will really owe. http://www.irs.gov/individuals/page/0,,id=14806,00.html
2007-09-13 04:03:56 · answer #5 · answered by Christina 7 · 0⤊ 0⤋