what can i expect on my tax return?

Question

myself=35000.....my wife=25000........we have 4 qualifying children,...i know we dont qualify for EIC......i file exempt.....she files 1

Answer 1

If all four kids are under 17, the child tax credit should wipe out your tax liability, so you should get back whatever is withheld from your wife's pay for federal income tax.

Answer 2

You can expect to spend a bit of time gathering information so that someone can give you a reasonable answer to your question. Sometimes you have to know the right question to ask before you will get the type of answer that you were expecting. It will take a great deal more information before anyone can do more than guess what you can expect on your return. The best guess you can hope for with this information is that you will owe $3,906 minus what ever your wife's withholding might have been. If your children are under 17 on 12/31/2007 you can also reduce that by a $1,000 each child.

Answer 3

If you file your 2007 tax return as Married Filing Jointly, your total deductions are $31,100 (if you don't itemize). your taxable income is $28,900. Federal tax will be around $4,000.
You won't get Earned Income Credit, but for each child below 17, you will get Child Tax Credit of $1,000 for each child.