I am currently working for the USPS and am married. Together me and my wife should make close to 23,000 for the year. I make 12.79 an hour and average 33 hours week. I claimed S1 and have a large chunk of my check taken out each week for taxes and what not. I also received student loans this year for college, and have attended college the full year. What I want to know is how much will I owe the federal government at the end of year.
2007-11-14 05:17:15 · 6 answers · asked by mike h 1 in Business & Finance ➔ Taxes ➔ United States
Not including the possible deduction for your student loans, I would expect your total tax liability to be $575 calculated below.
Gross income 23000
Less student loan interest (not provided) 0
Adjusted Gross income 23000
Less standard deduction 10700
Less personal exemptions 6800
Taxable income 5750
Tax at 10% 575.
Once you determine your student loan interest, then you can adjust the equation accordingly. Any Federal tax withheld over $575 (or the new figure once the numbers are adjusted) will be your tax refund.
2007-11-14 11:02:13 · answer #1 · answered by Steve 6 · 0⤊ 0⤋
Student loans you'll pay back later, let's take 23,000. subtract 18k (MFJ and 2 exemptions) leaves 5,000 tax on that is $503. find the difference between 503 and what was withheld and there's your refund or what you owe (depends which is higher). this involved some assumptions though. You might be able to wipe some of that 503 out depending on it's your first two years of taking either the hope or lifetime credit.
2007-11-14 05:41:32 · answer #2 · answered by rob b 3 · 0⤊ 0⤋
With a little luck, you'll have an education credit that will wipe out your tax liability, so would get everything or close to everything back that you had withheld for federal income tax.
2007-11-14 05:28:31 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
in the event that they advised you that they are going to no longer pursue you till your challenge gets greater beneficial then i'd take they international for it. call them returned and communicate to a various man or woman only ot make particular so which you wont be stressing your self out.i comprehend the type you sense , im in a matching challenge. call call one hundred eighty-304-3107 to make particular that out dont have an offset. some cases they dont take it out the computing device.
2016-10-02 08:39:07 · answer #4 · answered by whitemarsh 4 · 0⤊ 0⤋
$1000
2007-11-14 05:45:35 · answer #5 · answered by Anonymous · 0⤊ 1⤋
If you were in the UK you would owe all your earnings plus 10% to our goverment.
2007-11-14 05:37:48 · answer #6 · answered by Graham 4 · 0⤊ 1⤋