How much taxes will I be paying and how much $ will be my refund?
Assumption:
Salary: $40,000
State: VA
age: 22
-Single
- paid 4k into 401k
- paid $250 monthly for 12 months, Student loans
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How much taxes will I be paying and how much $ will be my refund?
Assumption:
Salary: $40,000
State: VA
age: 22
-Single
- paid 4k into 401k
- paid $250 monthly for 12 months, Student loans
3.50
Stats: 10'0", 1000 lbs
[url]http://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1[/url]
use the taxable wages on your w-2 or last paycheck of the year
also, the student loan interest is tax deductible. you should be able to find the info on your online account for the loans
[QUOTE=EllusioN;616407403]
Salary: $40,000
State: VA
age: 22
-Single
-Pay 4k into 401k
- paid $250 monthly for 12 months, Student loans[/QUOTE]
yep, that looks like a complete tax filing to me. now i can estimate your exact refund down to the penny...
probably not that much though if you filled out your w-4 correctly and had 1 exemption
when i was single and making 40k i got back roughly $600
feelsbadman
[QUOTE=snp1686;616411223]when i was single and making 40k i got back roughly $600
feelsbadman[/QUOTE]
did you have to pay extra taxes?
1. Depends on how much you had withheld from your paychecks.
2. Your student loan interest is deductible.
3. Do you have any dependents?
4. Standard deduction is 5645 or so.
5. Personal exemption is 3500.
SO:
40,000
(5645)
(3500)
(3000) SLI
=
27,855
*.25 tax rate
=6963
That is the tax you owe. Subtract your withholding to get your tax owed/refund.
[QUOTE=ScubaStevo;616421563]1. Depends on how much you had withheld from your paychecks.
2. Your student loan interest is deductible.
3. Do you have any dependents?
4. Standard deduction is 5645 or so.
5. Personal exemption is 3500.
SO:
40,000
(5645)
(3500)
(3000) SLI
=
27,855
*.25 tax rate
=6963
That is the tax you owe. Subtract your withholding to get your tax owed/refund.[/QUOTE]
How is it possible to claim gambling loss? what proof would you need?
about $1000, srs
where in VA you making that much at?
[QUOTE=BAMF_T;616467813]where in VA you making that much at?[/QUOTE]
NOVA. Entry level. Finance
[QUOTE=EllusioN;616475343]NOVA. Entry level. Finance[/QUOTE]
Word. Moving to NOVA next month--but I'll be making a bit more than that
[QUOTE=EllusioN;616465053]How is it possible to claim gambling loss? what proof would you need?[/QUOTE]
You can only deduct gambling losses up to gambling winnings....
[url]http://www.hrblock.com/free-tax-tips-calculators/index.html[/url]
should take like 2-3 minutes to fill out and will be accurate if you have simple tax liability/deductions
[QUOTE=EllusioN;616475343]NOVA. Entry level. Finance[/QUOTE]
nice dude!!
[QUOTE=ScubaStevo;616421563]1. Depends on how much you had withheld from your paychecks.[/QUOTE]^^^ [b]That[/b]
If you're doing it right, and the Exemptions on your W-4 are set properly, your refund should be near Zero. (Otherwise, you're simply "investing" in a no-interest savings account all year long).
[QUOTE=EllusioN;616407403]How much taxes will I be paying and how much $ will be my refund?
Assumption:
Salary: $40,000
State: VA
age: 22
-Single
- paid 4k into 401k
- paid $250 monthly for 12 months, Student loans[/QUOTE]
Umm...
Did you claim 0 or 11?
[QUOTE=tk217;616611333]Umm...
Did you claim 0 or 11?[/QUOTE]
dependents? I have no kids
[QUOTE=EllusioN;616611873]dependents? I have no kids[/QUOTE]
Then most likely you picked "2" and you shouldn't expect _anything_ in return cause they'll be taking out about 7000 a year in taxes.
The only way you are going to get more is if you have a crap ton of credits like house interest or student loan interest and I mean _a lot_ as you'll need to go above your standard D and your personal E.
how does it feel like to be a peasant where you live?
oh wait
i'm one too
:(
[QUOTE=snp1686;616411223]when i was single and making 40k i got back roughly $600
feelsbadman[/QUOTE]
this is ideal.
if bob makes $40k and gets $10k taken out in taxes, He will get $6k back as tax return.
if john makes $40k and gets $6k taken out in taxes, he will get $0 back as tax return.
at the end of the day, both guys took home $34k in salary. Bob gave the govt a free loan though.
John takes that extra money home each week/month and is able to invest it/put in savings.
John ends up with more money that bob because john didnt lend his money to the government.
[QUOTE=cmc0108;636767023]this is ideal.
if bob makes $40k and gets $10k taken out in taxes, He will get $6k back as tax return.
if john makes $40k and gets $6k taken out in taxes, he will get $0 back as tax return.
at the end of the day, both guys took home $34k in salary. Bob gave the govt a free loan though.
John takes that extra money home each week/month and is able to invest it/put in savings.
John ends up with more money that bob because john didnt lend his money to the government.[/QUOTE]
That's the ideal scenario, except John blew away his money and so will bob when he gets it back.