I am a Single Student-Mother, and I was wondering how much I will get back in taxes this year. Does anyone have any idea!?
2007-11-07 09:36:27 · 7 answers · asked by ? 1 in Business & Finance ➔ Taxes ➔ United States
I'm a married man and my wife and I make a lot of money. How much in the way of taxes do you think we will have to pay?
Now do you understand why no one is answering your question?
2007-11-07 10:57:35 · answer #1 · answered by Steveo 5 · 0⤊ 0⤋
While income information would be nice, let me inform of you of the following:
You can claim up to 7,850 for 2007 as your head of household deduction (you have children and are unmarried).
Plus you get 3,400 deduction (for yourself and each child)...
Also, depending on your income, you may qualify for the earned income credit which can provider you an extra few thousand dollars a year.. Keep in mind, this is based off if you have 1 kid or 2 or more. With this, you can also look for child tax credits..
So, utilize the following to help you (an example):
You are a single mother with 3 kids who earns 50,000.
Income - 50,000 (from W-2)
Subtract (7,850) head of household deduction for you.
Subtract (13,600) 3,400 *4 (you + 3 kids)
50,000 - 21450 = 28,550taxable income. This is just an idea, but should help you figure out a little bit.. I believe you would be in 25 or 28% tax bracket.. So you would multiply your tax bracket (check with IRS website for tax bracket income levels).. So, if we multiplied 28,550 *25% = 7,138.
The 7,138 would be amount of tax you owe... However, you can subtract 1,000 per child (provided they are under 17 and your provide their full time support). In this case, you can subtract out an additional 3,000.
7,138 Tax - 3,000 Child tax credit = 4,138 total tax owed... Look on your W-2's and determine how much was held in federal income tax (in this case we will assume 6,000)...
Subtract Tax due (4,138) from W-2 federal income tax figure.
So, we have 6,000 - 4,138 = refund 1862.
If this amount would have been negative, then you would have owed money.. I hope this helps you out.. Feel free to e-mail if you have additional questions.. Of course, you may still qualify for EIC if your income is under a certain amount...
2007-11-07 20:31:15 · answer #2 · answered by MBATXguy 4 · 1⤊ 0⤋
No, nobody has any idea unless you tell us about how much you'll make total for the year and whether it was from a job where they took out taxes or from self-employment, what if anything you had withheld, and how many kids you have. If you'll post again with that info, somebody can give you an estimate.
2007-11-07 17:56:27 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
No possible way to say without a LOT of information not provided. You might owe, or you might have several thousand coming back. It all depends upon how much you made, how much was withheld, and what credits you qualify for. Fill those blanks in and maybe there will be a meaningful estimate for you.
2007-11-07 18:00:27 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 1⤋
It WOULD be helpful if you provided your income.
There are also STATE taxes to consider, and I'm not familiar with all the regulations.
2007-11-07 17:45:42 · answer #5 · answered by thedavecorp 6 · 0⤊ 0⤋
Pretty vague question, did you make any money? how much in taxes have you paid so far?
2007-11-07 17:45:37 · answer #6 · answered by Anonymous · 0⤊ 0⤋
All depends on what your income is and what you paid into the system already.
2007-11-07 17:45:05 · answer #7 · answered by Anonymous · 0⤊ 0⤋