2007-10-22 02:07:47 · 9 answers · asked by krr 1 in Business & Finance ➔ Taxes ➔ United States
Your federal tax on $70,000 for year 2007 is $11,736.
Your weekly pay is $1346 ($70k/52). With one allowance on W4, the federal withholding is $241.00 per pay check.
So total federal tax withheld on $70,000 is $241X52 = $12,532.
You should expect a federal refund of $796.
2007-10-22 04:26:58 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
No you will not. Ignore the rubes who say that you will. The withholding tables are designed to cover all of your tax liability assuming that you take the standard deduction, if you claim the proper number of allowances. In your case you can claim up to 2 withholding allowances and not be looking at any meaningful tax bill at tax time; you'd usually be within $100 of even money at tax time. By claiming 1, you will always have a refund coming. Claiming 0 would be a waste as you'd only be making a rather large interest-free loan to the government, not a very smart idea.
2007-10-22 09:18:23 · answer #2 · answered by Bostonian In MO 7 · 3⤊ 0⤋
If you claim one, and only have one job, you'll probably come out fairly close to breaking even at the end of the year and will probably get a small refund. If they are withholding around $1000 a month for federal income tax, you'd be about even.
2007-10-22 09:52:32 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
If you are only claiming one exemption on your W-4, you shoule expect a tax refund.
Read IRS Publication 15 if you want to see how your W-4 filings affect your paycheck. You should start on page 35.
2007-10-22 09:35:33 · answer #4 · answered by Steve 6 · 1⤊ 0⤋
If you are a business owner...even if you have a regular job...you may be not. Some items most of people never thought about: Salvation Army Donation, Computer Equipment purchasing. Usually, a private accountant can help much more then those spent a lot of money advertising their service. For your income level, I would suggest to get one.
2007-10-22 09:22:55 · answer #5 · answered by James1982 2 · 0⤊ 1⤋
Depends on how many taxes you paid in thoughout the year!!
Theres no way of knowing wether or not you'll owe at the end of the year unless you know how many taxes you have paid in throughout the year!!
Good Luck!!
2007-10-22 09:11:45 · answer #6 · answered by Anonymous · 2⤊ 3⤋
Yes.
Www.irs.gov
2007-10-22 09:10:34 · answer #7 · answered by wizjp 7 · 0⤊ 3⤋
yes, if you claimed one.
2007-10-22 09:11:32 · answer #8 · answered by Blue Arizona 3 · 0⤊ 4⤋
Oh yeah !!!!
2007-10-22 09:10:56 · answer #9 · answered by Anonymous · 0⤊ 4⤋