22 years old, I made about $9K last year, $1800 withhelf, single, still don’t know if I’m claimed by parents (can you tell I’m good at this). From searching for formulas I found:
[$600 flat tax for my bracket] + [ (15% x all money made over $6k)]
so 600 + [ .15x 3000 ] = $1050
so since I’ve been taxed $1850, I should expect back ($1850 - $1050) about $700? That’s what I come up with, but someone much more in the know told me I should be getting $1,700 if independent and $1,400 if I’m dependent. Can anyone shed some light on the situation as it’s going to affect an upcoming (tomorrow) eBay purchase. Many thanks.
How much to expect back? You *ARE * new at this! I did a “dry run” on my taxes and will owe roughly $120 to IRS and $9 to CA. I’d rather owe a little and pay on April 15 than have too much taken out and held in a zero-percent “savings account” for the year.
You will need to know if your parents claim you as a dependent - this will have a significant effect on your tax rate.
I looked at the 2003 tax forms, and I may have good or bad news for you.
The good news is if you have the numbers about right, then the $1,400 or $1,700 refund is about right, based on whether you are a dependent or not.
The bad news is just my suspicion the $1,800 you think was withheld for federal tax may include social security and possibly state tax as well. The percentage you reported is pretty high for your level of income but it could be correct. Good luck.
If you are going to start spending your income tax return before you a) get it and b) know how much it is I look forward to many years of your posts lamenting a lack of cash and terrible credit rating.
You can go to the post office and pick up this year’s forms. Plug in the numbers and see what you get. I suspect you won’t itemizing deductions and such like so the 1040 EZ will probably do fine.