Tax refund?

Question

I want to know about how much i will get of my refund. I earned this year 20,000, married (she doesnt work). I just need to know an aproximation, not something official. a co-worker told me i would get about 1,500, other person told me it was only 500. so i'm a bit confused. thanks

Answer 1

No way to know from the information provided. We'd need to know how much money was withheld from your pay for income taxes. For your Federal return, your taxable income is only $2,500 and the tax on that would be $250. Any income tax over that would be refunded to you so if $1,000 was withheld you'd get $750 back.

If you filed your W-4 as married and 2 withholding allowances, about $500 would have been withheld from your pay all year for Federal income tax so you'd be looking at a refund of $250 at most. If you claimed 3 withholding allowances you'd be looking at a balance due of about $70.

There will be state income taxes to deal with if your state levies an income tax. Without knowing your state and how much state tax was withheld there's no way to even take a stab at it from the information provided.

Answer 2

Your tax bill will be around $250. Your refund just returns any overpayment, like getting change at the grocery store, so what you get as a refund depends on what was withheld for federal income tax - check your paystub for that information. The amount withheld for federal income tax, minus your tax bill of around $250, is what your refund will be. Different people have different amounts withheld - it will depend on what you put on your W-4 when you started the job.

Answer 3

-20,000 income
-10,700 standard deduction
- 6,800 2 exemptions
=2,500 of taxable income
@10%=$250 in tax.

Now compare this to your federal income tax withholding. If $1000 is withheld, you'll get a $750 refund.

Answer 4

it depends on a number of factors. how much money did you pay in taxes from your paychecks this year is the most important factor that we would need to know to tell you your answer.

Based on last years tax charts, and you dont have any credits you can claim you should have paid about $1,500 in taxes this year. So look at your last pay stub and find out how much federal taxes you paid this year, and subtract $1,500 from that, that will be about how much you will get back, or owe if i didn't pay enough already

*Edit that info was for filling single, just notice you said married so i would say you should have paid about $1,200-$1,300 in taxxes this year, so subtract that from what you actually paid

Answer 5

nutun