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Deductions & credits
For the most simple case: $42,000 income minus $12,200 standard deduction = $29,800 taxable income. The tax on that, from the tax table is $3385. If your federal withholding is more than that; the difference will be your refund.
But for most people, There are too many variables for the simple answer; such as the type of income, your dependents, filing status, credits, withholding etc..
‎April 8, 2020
5:32 AM
2,666 Views