How much will my tax return be if Im single and make 40K?
January 23rd, 2012
How much will my tax return be if Im single and make 40K? Ignoring everything else ? Im a NY resident.
Tags: ny resident, tax return
How much will my tax return be if Im single and make 40K? Ignoring everything else ? Im a NY resident.
Tags: ny resident, tax return
Go to the H&R Block tax calculator, enter your data, and it will compute your taxes and refund for you:
http://www.hrblock.com/taxes/tax_calculators/index.html
I don’t know if NY has a state return or not, but on your federal return, your taxable income is $31,250, therefore your tax is $4300 that you owe the IRS!
But from that you subtract the withholding during the year, and if you are over 25 , you also subtract $428 for Earned income credit, and the remainder is what you owe, unless your withholding and EIC is more that $4300! Then you get a refund!
It’s called a refund, not a return – your tax RETURN is the form or set of forms you file with the IRS.
I’m not sure you understand just what a refund is. Through the year you might have money withheld from your paycheck for federal income tax. At the end of the year, you prepare a form called a tax return to calculate how much tax you owe total for the year, and compare that to what was withheld. If you had more withheld than your total tax, you get the extra back as a refund. If you didn’t have enough withheld, you have to pay the rest rather than getting a refund.
A refund isn’t some sort of bonus the government gives you for working. It’s like if you went to WalMart and bought $16 worth of items, but gave the cashier a $20 bill. You’d get a "refund" of $4, but it’s not them giving you something, it’s just getting your own money back.
And musicman is wrong – you are NOT eligible for EIC.