Noob questions about filing taxes...
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RE: Noob questions about filing taxes...
ORIGINAL: rrasco
Take a look at the tax brackets, they will give you a rough estimate on what you should get back. Also, depending on if you take a standard deduction or itemize your return will vary. I know you said you are a dependant, but I really don't know how to that way. I use Turbo Tax online and have for the last few years, I think it's great, found me a $1650 credit this year, w00t!
http://articles.moneycentral.msn.com...xBrackets.aspx
Take a look at the tax brackets, they will give you a rough estimate on what you should get back. Also, depending on if you take a standard deduction or itemize your return will vary. I know you said you are a dependant, but I really don't know how to that way. I use Turbo Tax online and have for the last few years, I think it's great, found me a $1650 credit this year, w00t!
http://articles.moneycentral.msn.com...xBrackets.aspx
according to that... i think im under this
from to tax.
$7,826 $31,850 $782.50 plus 15% of the amount over $7,825
not sure what this means..... do I owe the gov 782+ 15% .... or do i get back that much?
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RE: Noob questions about filing taxes...
ORIGINAL: rrasco
As far as I knew, you paid 10% on the first bracket. Then after that, you pay 15% on the difference between what you make and the first bracket. So, lets say you made $10,000. 10% of first $7,825.00 is $782.50. $10,000 minus $7,825.00 is $2,175.00. So 15% of $2,175.00 is $326.25. That would mean that you were supposed to pay $1,108.75 ($782.50 + $326.25). So take your federal witholdings and compare it to that number. Keep in mind this was a simple example and standard deductions as well as personel excemptions were not included in it either.
As far as I knew, you paid 10% on the first bracket. Then after that, you pay 15% on the difference between what you make and the first bracket. So, lets say you made $10,000. 10% of first $7,825.00 is $782.50. $10,000 minus $7,825.00 is $2,175.00. So 15% of $2,175.00 is $326.25. That would mean that you were supposed to pay $1,108.75 ($782.50 + $326.25). So take your federal witholdings and compare it to that number. Keep in mind this was a simple example and standard deductions as well as personel excemptions were not included in it either.
yes ... my federal withholdings was close , @ $1,122.9... so if im supposed to pay 1108.75 .... why did turbo tax find $571 in tax return?
(i didnt do any deductions or anything.... my dad said to leave those things alone... and he will take care of it... since im his dependant)
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RE: Noob questions about filing taxes...
ORIGINAL: Ty
You can get it all back. Find an independent tax preparer and pay him to do it. Should be less than 100 bucks. They know all the tricks and have a lot less concern for corporate guidance than the chains.
You can get it all back. Find an independent tax preparer and pay him to do it. Should be less than 100 bucks. They know all the tricks and have a lot less concern for corporate guidance than the chains.
can someone else confirm this for me?
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From: South Texas
RE: Noob questions about filing taxes...
Well, with taxes there are a lot of specifics. Like, if you claim yourself (which you are not) you get like a $5,500 deduction which lowers your taxable income. You are also allowed to take a personel exemption of like $3,400. Like I said, I don't really know what is applicable since you are a dependant of someone else. The example above was just to show you generally how taxes would work, only with a exemptions and deductions it would be saying, you made $10,000 - $5,500 - $3,400, and now your taxable income is $1,100. So 10% of $1,100 is $110 and that would be your income tax obligation.
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RE: Noob questions about filing taxes...
ORIGINAL: rrasco
Well, with taxes there are a lot of specifics. Like, if you claim yourself (which you are not) you get like a $5,500 deduction which lowers your taxable income. You are also allowed to take a personel exemption of like $3,400. Like I said, I don't really know what is applicable since you are a dependant of someone else. The example above was just to show you generally how taxes would work, only with a exemptions and deductions it would be saying, you made $10,000 - $5,500 - $3,400, and now your taxable income is $1,100. So 10% of $1,100 is $110 and that would be your income tax obligation.
Well, with taxes there are a lot of specifics. Like, if you claim yourself (which you are not) you get like a $5,500 deduction which lowers your taxable income. You are also allowed to take a personel exemption of like $3,400. Like I said, I don't really know what is applicable since you are a dependant of someone else. The example above was just to show you generally how taxes would work, only with a exemptions and deductions it would be saying, you made $10,000 - $5,500 - $3,400, and now your taxable income is $1,100. So 10% of $1,100 is $110 and that would be your income tax obligation.
ahh... so thats how grownups who live on their own do taxes.... thats neat... ill keep that in mind once im not a dependant anymore...
btw... this personal exemption of 3400.... is that for everyone?...
thanks for explaining this for me...
now if someone can take care of my personal situation... that would be cool....
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RE: Noob questions about filing taxes...
your being taxed more because your a dependent. basiclly, the govnment sees the money that you made as your parents money or whoever is claiming you. If you were an independent youd probably get more back.
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