i need to know do i get all my money back when i do my TAX this is my first job in my life but TAX is takeing out alot of money what ever they take out i get that back right...
2007-10-26 09:11:37 · 5 answers · asked by Biggie R 1 in Business & Finance ➔ Taxes ➔ United States
How much you get back depends on how much you had withheld v/s how much you owe. You will not get it all back, but you might get some.
2007-10-26 15:53:44 · answer #1 · answered by Gypsy Girl 7 · 0⤊ 0⤋
No, you won't get everything back. You do not get back the amount deducted for social security and medicare (might say FICA on your checkstub).
Whether you get all, part, or none of your withheld income tax depends on your income for the year. If you make under $5350, you'll get back all of the federal income tax withholding. States vary in their rules, so if anything was deducted for state or local tax, you might or might not get some or all of that back.
2007-10-26 21:29:23 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You file your 2006 income tax return after you get your W-2 for (Statement of Earnings) in January. You may get a refund of part of the income tax withheld or be eligible for a credit.
2007-10-26 17:01:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, you don't get everything back.
1) You never get social security or medicare back.
2) You may get all of your federal and state withholding back if your income is low enough.
2007-10-26 16:15:01 · answer #4 · answered by Wayne Z 7 · 5⤊ 0⤋
Welcome to the real world.
2007-10-26 20:25:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋