We have payed in a combined total of $3,980 for federal. We have made a combined total of 16,000 for the year. Grossed We both file "Single with zero allowances" at the end of the year we file married jointly. We have 1 kid age 11. but we do not claim her through out the year. Should I expect to get most of our taxes paid in back??
2007-10-23 05:57:04 · 2 answers · asked by Nessie H 2 in Business & Finance ➔ Taxes ➔ United States
If you continue for the rest of the year to earn at about the same rate as you have so far, you should get everything back that was paid in for federal income tax, and also get an earned income credit of over $2000.
Are you sure that amount was all withholding for federal income tax? Seems like way too much even claiming single/no allowances, sounds more like your total deductions. If some of that is deductions for social security and medicare, you won't get that back, only the part that is for federal income tax withholding. Any state taxes withheld depend on the state you are in - you might or might not get some or all of that back.
2007-10-23 07:31:07 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
If you have no further income you will get all of your withholding back. Married persons in 2007 get a $10,700 standard deduction and everyone get $3,400 per person personal exemption. So with three of you that's $10,200 in personal exemptions. Therefore, you will not have any taxable income until you make more than $20,900. This doesn't include any other allowable deduction or credits.
2007-10-23 13:20:13 · answer #2 · answered by dcholsted 2 · 0⤊ 0⤋