|
|
| *Loan,banking and credit>>>tax return |
If you make under $29k do you get all of your federal income taxes returned (not including Soc. Sec. taxes)? |
If you make under $29k do you get all of your federal income taxes returned (not including Soc. Sec. taxes)? If you are single and you take the standard deduction ($5,150 in 2006) and the personal exemption ($3,300 in 2006) you taxable income would be $29,000 - $5,150 - $3,300 = $20,550. You would have had a federal income tax amount of $2,709 in 2006. If you are married and take the standard deduction of $10,300 and two personal exemptions of $3,300 each (in 2006) your taxable income would be $16,900 and you would have had a federal income tax amount of $1,213 in 2006 (married, filing jointly). In 2006, a single person could earn $8,450 before owing any tax; a married couple filing jointly could have an income of $16,900 before owing any tax. Depends on deductions. If you are single, live alone and just have a 29,000 w-2, your Fedearl Income tax will be around $2500 - give or take a couple hundred. You should . With a Single -1 W-4, you'll just about break even - maybe a small refund , a single-) W-4 will give you a few hundred refund To answer your question. No. no, no, no. You have to make a measly amount like under $3000 to get exempted from paying taxes. If you have children and qualify for earned income and so forth, then there's a good chance you will get most, maybe all, of your taxes returned. Just remember that if you get all your money back, then you have no grounds to stand on when you want to discuss political things that would involve the statement "well, i pay taxes for that". It's more like under $8,000 or $9,000 to pay no taxes as a single filer. It might be as high as $9K for 2007. If you are married or have children, you may be entitled to the Retirement Contribution Credit; the credit applies to any monies contributed to a workplace retirement plan or an independent Roth IRA. The credit applies on up to $2,000 in contributions and you can be entitled for up to a 50% credit. If you have children, you're entitled to file head of household and may also be entitled to the Earned Income Credit (EIC) and Child Tax Credit. Those credits can potentially reduce your taxable liability to less than $0. In that case, you wouldn't need to have any money withheld from W-4 and may be eligible for the advanced EIC credit. In any event, use TurboTax next tax season. Free tax prep is also available at any VITA tax center (such as at a university). Unless you have a lot of itemized deductions, the answer is no as a single filer. A person making $29,000 is in the 15% tax bracket on about $12,000 to $13,000 of that money and in the 10% tax bracket on about $7,000 to $8,000. The total standard deduction plus personal exemption, I think will be around $9,000 this year, thus you will probably pay around $2,000 in federal taxes. I'm assuming you're a single filer. That's why every taxpayer should file two exemptions and budget the difference in a high-yield savings account. Most likely, you won't owe much tax. If you file more exemptions than you're entitled to, there is a possibility of an underpayment tax penalty that occurs if you are off by more than $1,000. For example, if you filed 8 exemptions and you were only entitled to 4, you'd likely have a problem. Hope this helps. http://www.irs.gov/individuals/article/0... http://www.irs.gov/newsroom/article/0,,i... http://www.irs.gov/pub/irs-pdf/p972.pdf... Use TurboTax next tax season; it's highly accurate and will do the heavy lifting for you. It asks simple questions. Just be honest and you should do well. I love TurboTax. Go to the IRS website to get what might be a free service (http://www.irs.gov). |
| Tags |
| tax rate tax rebate tax reform tax refund tax relief tax return tax revenue tax services tax software tax table tax tips |
SiteMap--Copyright/IP Policy--Contact Webmaster--Resource of HR For personal non-commercial use only. |