Posted: 1/24/2008 9:48:40 PM EDT
|
My Wife made $45,000 this year and the feds with held aprox $5,000 and she claimed zero. How much of this can she expect in a tax refund? This is her 1st year working this job. Thanks! |
|
As usual, it depends - filing jointly or separately? How much did you make? How much in deductions can she ( or both of you together ) claim? $20 will get you good tax software - there are several good ones out there. Get one and do a trial run. It won't be right on until you put in all the nitty gritty but it will give you a good idea pretty quickly. If you're both working, I wouldn't expect any back. As a point of reference, after my refund I will pay 13.6% for federal, state, FICA, and medicare. I have 3 kids and typically have 25% of my income as deductible expenses - mostly mortgage interest and charitable donations. 13.6% of 45,000 is $6120, so unless she ( or both of you ) have a similarly high percentage of deductible expenses, it looks to me like she'll end up owing some. It really depends on a lot of things. No way to know for sure until you run your numbers. -grommet |
I made aprox $35,000 so both of us made $80,000 together. We alos own our own home. What I don't understand is how we can still owe $$$ when we both claimed zero? I always thought that we get a refund when zero is claimed so they take more out of you pay checks through out the year. |
The number of exemptions you claim is not connected to the actual amount of deductions you may write off. Exemptions are for standard items that almost everyone has, so they take a swag and assume you'll be kind of like most other people. But you may not be. If you give nothing to charity, have no education, heathcare, business expense, or other deductible costs and have a low interest rate on your mortgage, you'll end up paying. I'm not saying this is for sure. You really need to get some software and run your numbers, or just get a tax form and go for it. Who knows - you may be surprised. -grommet |
|
I'm not real good with taxes. I usually have an accountant take care of it and we usually get a refund. Last several years we got aprox $4,000 back. Last year my Wife claimed 1 for dependence and we only got back $1,400. This year (2007) she wentback to 0 so we would get a bigger refund. We pay aprox $2,000 a month on the house payment......no kids yet. The reason we claimed 0 dependence was a way to force us to save. I was really counting on a refund this year......I hope we get one, it will kill me if we owe any. 
|
|
www.hrblock.com/taxes/tax_calculators/index.html ETA: make sure you do mortgage interest, not total mortgage payments. |