I'm worried that I might owe on my 2007 taxes.....what do you think? I estimate that my gross income is $48,000 and that I will have paid in a total of $13,135.45 not including health insurance leaves me with a take home amount of $34864.55 or with health insurance deducted than my true take home is $33,105.80
I am single and have no children or even a mortgage. All year on my checks I claimed 0 and have estimated that in just taxes without health insurance they have taken just slightly over 27.5% of my check. With health insurance included they have taken just over 30.5%. The reason I list with and without health insurance is because I'm not sure what information one would need. So please help me if you know so i'll have a heads up. Thank you
2007-12-05 05:39:26 · 6 answers · asked by Lilly 1 in Business & Finance ➔ Taxes ➔ United States
By the way, it's REFUND, not return. The return is the form itself, not the money you might get back if you over withheld on tax money.
2007-12-05 06:37:49 · answer #1 · answered by Anonymous · 1⤊ 0⤋
A little more info needed: is the health insurance taken out pre or post tax? And even more important, what's the breakdown on the $13,135.45 - how much is federal income tax? Your number also includes social security, medicare, and depending where you live and work, probably includes some additional state and local taxes. Without knowing the breakdown, there's no way to tell.
If you've claimed Zero all year, they should have taken out enough so you don't owe and would get something as a refund. With the additional info, maybe someone can give you an estimate of how much. But you should be OK and not have to pay.
2007-12-05 14:18:27 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
A single person with an income of $48,000 claiming one exemption and standard deduction will owe $6,236 in tax. You are at about double that. Rest easy or work it out for yourself.
2007-12-05 15:46:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
claiming 0 gets you more money back in taxes because they are most likely taking too much money from your check. I don't believe insurance has anything to do with it, most companies take out the insurance money from your gross pay, not your net pay, but that is a benefit, not something you will have to pay for at the end of the fiscal year.
2007-12-05 13:49:57 · answer #4 · answered by Miss October 03 3 · 0⤊ 0⤋
$48,000 Gross Wages - One Personal Exemption ($3,400) - Your Standard Deduction $5,350 = $39,250 Taxable Income. Your federal taxes will be $6,243. Looks like you will get a nice refund. You will not get any Earned Income Credit because you make too much.
2007-12-05 20:32:05 · answer #5 · answered by Gary 5 · 0⤊ 0⤋
I am not a tax expert, but just looking at the tax table for 2007 your taxable income would be roughly 40k. Tax is about 6k Refund should be fed withheld minus 6k.
2007-12-05 13:48:31 · answer #6 · answered by dale h 2 · 0⤊ 0⤋