I live in Illinois, single, baby on the way in Feb, and a car I bought to get back and forth from work, 8 miles each way. Im claiming 1 (myself). I estimate my earning total for 07 will be about 43,000. Federal tax about 5,500 and state 1,000. What should i get back?
2007-10-24 16:18:13 · 2 answers · asked by Jason B 1 in Business & Finance ➔ Taxes ➔ United States
Your taxable income after subtracting your personal exemption and standard deduction is around $34,250, and federal income tax on that would be $5126, so you'd have around $374 coming back for federal. The car will have no effect on your taxes, and the baby won't either this year if he/she isn't born until 2008.
Illinois is a flat 3% with a $2000 personal exemption, which would be .03 * $4100 so looks like you might owe a couple hundred dollars to the state.
2007-10-24 16:37:47 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
What are the tax amounts you state? Is that your total withholding for the year or what you think the total tax will be?
2007-10-24 23:21:57 · answer #2 · answered by npk 7 · 0⤊ 0⤋