My W2 gross is 40K. My total taxes on Federal is 5500 and CA State is 1350. Social Security is 2500, Medicare is 600 and CA state disability is 250. I give them an extra 20 dollars on every cheque since May. Will I expect a refund or will I owe the govt.
2007-12-28 02:10:04 · 1 answers · asked by roni-roni 85 1 in Business & Finance ➔ Taxes ➔ United States
For federal at least, you should get a refund, but would need a lot more info to give you an idea how much you'll get. For example, are you married? Single? any dependents? Who, and how old? Do you itemize or take the standard deduction? Any adjustments like student loan interest paid, or IRA contribution?
If you are single, no dependents, are not a dependent, and no adjustments or deductions, your federal tax liability would be around $4300, so you'd get around $1200 as a refund.
2007-12-28 10:34:31 · answer #1 · answered by Judy 7 · 0⤊ 0⤋