Without seeing your entire tax return, it is hard to know exactly what is going on. However, based on this W-2 your total income of $51,496 minus the standard deduction for a single person of $12,550 leaves you with a taxable income of $38,946. According to page 7 of the tax tables, the tax on that is $4,472.
You had $6,434 withheld and owed $4,472. That results in a refund of $1,962.
Most people do not receive a refund of all the tax that was withheld.
For example, a single person with $51,496.10 - income and $6,433.96 - withheld would get back $3358.
You only get back all of your federal tax withheld when your income is less than the standard deduction and your credits.
so I looked up my tax bracket and all. You're correct- however, turbo tax is still doing something shady. because I am only receiving 1,962 instead. that is alot of money turbo tax is taking from me. I'll show a picture below
I really need to know what's going on here. because both our math is not adding up to what turbo tax is saying.
Without seeing your entire tax return, it is hard to know exactly what is going on. However, based on this W-2 your total income of $51,496 minus the standard deduction for a single person of $12,550 leaves you with a taxable income of $38,946. According to page 7 of the tax tables, the tax on that is $4,472.
You had $6,434 withheld and owed $4,472. That results in a refund of $1,962.
okay, thanks for both of you providing more information on this matter. I'm understanding it a lot more, and that link to the tax info helped as well.
at first I was getting worried about a few things, now I see that I was not well educated on how this (tax return) actually works.
I'll file with turbo tax- cause personally I like them, so I'm happy to see they are not taking anything from me.