Joined: 02 Jan 2011
Location: San Antonio
I need some educated help my friends
Thus far this year Ive grossed $11830.88 in income over the past few months. Thats all Ive worked since i graduated last summer. Out of that $11830.88, $733.51 was taken out for FICA, $171.55 was taken out for MEDFICA, and $1211.47 for FED WTH. I'm not sure what all that means but how much would you guys guess i will get back come February? I have no dependents and nobody claims me as a dependent. I live with parents but i'm 24 year old white male. Nothing really out of the ordinary that i would use as deductions. Would you guys have any idea honestly i could be expecting to receive on my return? Someone was telling me i would get back the $1200 for federal withholding and some other guy told me it would be the $733.51. Any jail house financial guys or maybe a proffesional finance guy or gal?
Sun Jan 02, 2011 5:06 am
oldguy Senior Member
Cash: $ 717.80
Joined: 21 May 2006
Your standard deduction is $5700 and your exemption is $3650. So you deduct $9350 from your earnings, ie your taxable earnings is $2481.
You are in the 10% tax bracket - your total Fed tax bill is $248. You'll get about $963 of your $1211 refunded. Maybe you owe state tax?
BTW, for future years you can fill out a W4 at work to adjust your tax withholding to be closer to your actual tax bill - that way you won't have to overpay all year and then wait to get your own money refunded later.
Sun Jan 02, 2011 3:28 pm
coaster Senior Advisor
Cash: $ 1626.30
Joined: 11 Oct 2005
wannab's post should have been posted as a new thread; it's a new topic and deserves to be an opening post in its own thread, so that's where you now find it.