I only make 25,000 a year. I am concerned I will end up owing, or not get a refund at all being that I just changed the allowances from 7 to 3 and we are now in august with only 3 months left of the year, assuming they will start taking aome dederal taxes out now once HR process this.
Will you be filing joint return or are you single or Head of Household?
Are you Married? If so, does your spouse have income?
And there are almost 5 months left in the year (not 3).
Filing head of household, single, kids under age of 17.
I meant to put 4 months left, but you're right about it being about 5 if I count all of august, since it just began 🙂
Adjusted gross income = $25,000
Standard deductions -$18,000 (HOH)
Taxable income= $7,000
Tax liability before credits = $700
Child tax credits -$4,000
Taxes due = 0
What SweetieJean is saying is that, based on the information you have provided, you will not have to pay any federal income tax this year, so you don't need to have any tax withheld. Any tax that you do have withheld for the rest of the year will be refunded when you file your tax return, so that's how you will get a refund. This is assuming that you do not have any other income that you haven't told us about.