I live in Iowa, in Jan 2007 I was laid off from Target, and got another job the following month. I've worked for the same company ever since. I get approximately $10 per hour, and was wondering what percentage of taxes paid will be refunded, if any. This is my first year doing my own taxes, so I'm trying to calculate ahead so I know how to budget this next return. I'm hoping to get an iPhone with it!
2007-11-19 06:46:36 · 2 answers · asked by BigDaddyRio™ 1 in Business & Finance ➔ Taxes ➔ United States
Somewhere between 0 and 100%. It isn't a percentage, it depends on your income, your personal status, and how much you had withheld. If you had too much withheld, then you get it back as a refund. If you didn't have enough withheld, you would have to pay and wouldn't get a refund.
If you are single and claimed 1 on your W-4, you should get a small refund. If you are single and claimed zero on your W-4 then they will have taken more out of your pay so you'll get a bigger refund.
As a rough estimate, if you're single your federal income tax would come in around $1400. Subtract that from what was withheld - that should be your refund, or somewhere around that.
2007-11-19 08:17:11 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
It isn't a percentage.
You calculate a tax liability based on your income. If your withholdings were higher than this number, you will get a refund. If your withholdings were lower than your liability, you will owe.
2007-11-19 07:31:37 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋