How is tax refund affected by having a job for only part of the year?

[ea16]

I recently graduated from a PhD program and began working in June. My monthly paychecks have been taxed at the 33% federal rate, but my total gross earnings this year are obviously less than they will be in the future because I only worked for half of 2016. My question is this: Will the fact that I only worked for half of the year affect the size of my tax return (compared to if I had worked the whole year)? Thank you in advance for your help!

[SteamTrain]

33% is pretty high, though it is possible, depending on your expected total salary for the short year

...that 33% doesn't count your medicare and SS taxes does it?

[ea16]

No, it does not include medicare and SS taxes. Basically, my job pays around $220k annually (which is why my monthly paychecks are taxed so highly), but by end of this year I will have only earned about $110k of that annual rate. When I enter this info into the tax return calculator it says that I will receive a refund that is about twice as much as the refund I would have received if I had worked the entire year at this salary. I'm assuming my refund is larger because I was taxed as someone who was supposed to earn $220k for the year, but ended up only earning half of that because I started my job in the middle of the year. Does that sound about right? Thanks!!

[SteamTrain]

Yep...110K, Single and Std Deduction is a tax of about $20,500.

[ea16]

thank you!

[SteamTrain]

....maybe about 21,000....that earlier one was for someone age 76

[SweetieJean · Accepted solution]

Try this tool:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

[ea16]

thank you!