i owe no taxes or bills and i am filing single and make up to $24000 gross pay last year, 2012. How much will I get back from my tax refund? All withheld or some

  • Depends on the amount withheld from pay.
  • thanks for your comment on matter.
    But tell me, what do u mean, it depends on the amount?  And why?
    About $3000 in fed. taxes
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Here's a rough cut.

$24000 gross income
$9750 exemption and deduction ($3800+$5950)
Equals $14250
Tax is about $1700
Paid in $3000
$1300 refunded.

This is in my head so numbers are not exact.
  • I got my calculator and changed the above slightly.
  • wow, ...i dont like what I am hearing. Can you explain exemptions and deductions, please.? Why is it that even though I paid 3000, i wd only get back about 1450? Is it due to my filing status, (single) or just that they still got to keep some of the taxed money to do what taxes are suppose to (build roads, schools, hospitals and such).  And how do they come up with the refunded amount?

    Thanks again
  • ok....i still need to understand a little better still
  • Exemption-for each person in your household you subtract $3800. You are single. So just one.
    Standard deduction-you are allowed a predetermined amount that is tax exempt. Single is $5950.
    Subtract these amounts from your taxable pay in box 1 of your W2. ($24000-$9750=$14250)
    The remainder is taxed, $14250.
    The first $8700 is at 10% equals $870, the next tax bracket is at 15%; $5500 at 15% equals $832.
    Total tax is $870 + $832 = $1702.
    You had $3000 withheld. Subtract $1702 for the tax. You get that amount refunded, $1298.
  • oooookkkkkk..
    where n how did u learn all this
  • Its good, your good.  Im glad i joined.  You can teach me more
    THANKS AGAIN.
    so hey,,,,I guess I dont have much to look forward to like I thought...ehehe.
  • Been doing my own taxes a long time.
  • Many SUs on this forum are tax experts and longtime contributors.
  • Hey. It's better than owning $1300
  • nice....
    so the state is the same procedure or not?
  • It sure is  better than owing....lol.
    whats su's?
  • SU - SuperUser,
    Which state? All have unique tax laws.
  • nj...thank u
  • I am not at all families with NJ. I did look at their website and it looks like your income tax is $333 (unless I missed something in scanning through it)  But then there is this rent credit section which may or may not apply. So it looks like subtract $333 from whatever was withheld and that's your refund estimate. TT does the state tax return for you. It costs extra I believe, but nobody works or free.
  • so if i was filing jointly and the gross income was 24000  and withheld was 3000, then the amount to be taxed by 10% would be less than the 1st amount to be taxed, so therefore you would just subtract only the withheld amount to be refunded at least, 5000.? Am i calculating right
  • First, if single, you cannot file married jointly. You must be married.
    Assume you are married and file jointly.... Now two exemptions = $7600 plus married jointly std. Deduction is $11600. So taxable income is reduced to $4800. Tax at 10% is $480. Refund $2520.
  • I thought married filing jointly deduction is one set standard, at 11600 u said prior or something like that..y now 14600?
  • Oops sorry, getting late for me. I'll revise above.
  • I WAS reading from another post it seemed.....
  • You are correct. It is $11600 for MJ.
  • Thanks alot. I am understanding more now than before....thank u very much
  • have a good night...u ntil next time
  • Ok. Just don't rush filing because the IRS is not accepting tax returns until Jan 31 and if you file it to the Turbotax queue and later find you made an error, you can't get it back. I suggest not filing until second week February to be sure all is in order. Then IRS is saying 21 days average to process. If more questions, come back here. Plenty of help.
  • Correction! Your Bad! It's January 30th and not january 31st, 2013!
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Your refund is simply a function of how much tax you owe for the year based on income, filing status and many other things.  From the amount you owe for the year, you subtract what you already paid through withholding from your earnings.  If you had too much withheld, you get some back.  If you didn't have enough withheld, you pay more at year-end.  It won't take you long to do a simple return and then you'll have your answer
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