|
|
| *Loan,banking and credit>>>child tax |
What would be an approximate tax return for a child??? |
I know you guys might not have an exact number because certain info. is needed, but I have a baby in which I pay a baby sitter, and I earn around 400/week. Do you know what would be an approximate tax return for me next year??? I had a friend say about $1500.00 VERY rough estimate: Gross income: $20,800 Standard Deduction: $7,850 (As HoH) Exemptions (2@3,400): $6,800 Taxable income: $6,150 Tax: $615. (The Dependent Care Credit will wipe at least some of this out.) Net Tax Liability: $0 - $300 (estimated!) EITC: $1,786 (Refunded to you) You'll get a refund of most taxes withheld along with an EITC payment of $1,786.00. If you claim 2 withholding allowances, about $26.00 is withheld for Federal Income Tax each week for a total of $1,352.00 for the year. Crunch the numbers for a total refund of betwen $2,838 & $3,138, based upon the amount of the Dependent Care Credit. This is a "cocktail napkin" estimate based on the limited information that you provided. It assumes that you are single with one dependent, not the dependent of another taxpayer yourself, and file as Head of Household and are otherwise eligible for the EITC. Other factors not disclosed by you could affect this significantly up or down. you will probably get most of what you pay in. just look at what they deduct one week and multiply that by 48. about 1500.00 With that income, your tax would be low enough that the child tax credit would wipe out what you owe, so you won't have any tax to offset with a child care tax credit so won't get anything for that. So you should get back whatever is withheld, plus EIC of almost $1800. |
| Tags |
| tax year income tax business tax car tax child tax cigarette tax corporate tax estate tax import tax inheritance tax |
SiteMap--Copyright/IP Policy--Contact Webmaster--Resource of HR For personal non-commercial use only. |