How do I know if I'm going to be paying in on taxes. My dad claimed me last year and I had to pay in becuase I claimed myself all year. whatever anyways.....I want to make sure I'm not gonna have to pay in. So if I make 17, 435.56 in one year. How much will I have to pay in and how much will I get back. 2 scenarios...need answers....thanks!! )) I think I claim one. But I think I claim myself. I dunno. taxes suck
2007-12-27 12:17:20 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If your earnings were $17435.56, you subtract $5350 for single deduction and $3400 for your personal exemption. That leaves taxable income of $8685.56. The taxes owed on that are $910. If your federal withholding, on your pay stub, is more than $910 you will receive a refund, but if it is less you will owe. You claim one exemption; it is for yourself.
2007-12-27 12:44:57 · answer #1 · answered by Brian H 2 · 0⤊ 0⤋
Without a LOT more information it's not possible to say. Would need information on what you did with your earnings, whether you still live at home, whether you are in school, your age, as well as how much Federal Income Tax was withheld from your pay.
If you made that much money in one year and provided more than half of your own support out of those funds then your father cannot claim you. If your withholding allowance was 0 or 1 you should have a small refund coming.
If you banked or partied away that money and did not use it to provide more than half of your own support, are under age 19 (or under age 24 if a full-time student), and lived in your father's home for more than half of the year (excluding temporary absences for school, medical care or vacations) then you may still be his dependent. If your withholding allowance was 0 you should have a tiny refund. If it was 1 you'll probably have a bill of a couple of hundred at filing time.
2007-12-27 20:45:43 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 1⤋
Based on the information you provided and assuming your father will be claiming you again, your total tax for the year should be $1,428. If your withholding is less than that, you will owe.
This does not take into account any benefits, deductions or adjustments you may be entitled to such as student loan interest, IRA deposits or tuition and fees deduction.
In general, if you are single you should always claim 0 exemptions on your W-4 form with your employer. Any other number will almost always make you owe.
If you owe, change your withholding exemptions at work.
Hope this helps.
2007-12-27 20:53:14 · answer #3 · answered by RANDALL M 3 · 0⤊ 0⤋
If your dad can claim you, quit claiming yourself on your W-4 - fill it out as single/zero.
If you can be claimed as a dependent, your federal income tax on $17,435.56 would be $1420. If you didn't have that much withheld, you'll have to pay in the difference. If you had more than that withheld, you'll get the extra refunded to you.
If you can't be claimed as a dependent this year, then your tax liability would be $910.
2007-12-27 21:27:44 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
I'm no accountant, but here's a link that may give you an idea of what you'll be paying in federal taxes.
http://www.irs.gov/formspubs/article/0,,id=164272,00.html
If you claim yourself, your dad cannot claim you, so make sure he does not claim you again for 2007.
Yes, taxes suck. But, they pay for a lot of things we take for granted in this country.
2007-12-27 20:36:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋