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  1. #1
    EllusionisT EllusioN's Avatar
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    Question 40K salary, how much tax refund will I get back?!

    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
    Greatness comes to those who take it.

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  2. #2
    Watch Me Shine Worldwide's Avatar
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  3. #3
    545lbs ScottGomez's Avatar
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  4. #4
    lbc crew laxer32's Avatar
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    http://turbotax.intuit.com/tax-tools...taxcaster/?s=1


    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
    snapchat: weavv

  5. #5
    Platinum Member MikeD4386's Avatar
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    Originally Posted by EllusioN View Post

    Salary: $40,000
    State: VA
    age: 22

    -Single
    -Pay 4k into 401k
    - paid $250 monthly for 12 months, Student loans
    yep, that looks like a complete tax filing to me. now i can estimate your exact refund down to the penny...

  6. #6
    lbc crew laxer32's Avatar
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    probably not that much though if you filled out your w-4 correctly and had 1 exemption
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  7. #7
    Registered User snp1686's Avatar
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    when i was single and making 40k i got back roughly $600

    feelsbadman

  8. #8
    EllusionisT EllusioN's Avatar
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    Originally Posted by snp1686 View Post
    when i was single and making 40k i got back roughly $600

    feelsbadman
    did you have to pay extra taxes?
    Greatness comes to those who take it.

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  9. #9
    Registered User ScubaStevo's Avatar
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    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.

  10. #10
    EllusionisT EllusioN's Avatar
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    Originally Posted by ScubaStevo View Post
    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.
    How is it possible to claim gambling loss? what proof would you need?
    Greatness comes to those who take it.

    If you can't command, then you must follow.

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  11. #11
    Registered User Mangino's Avatar
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    about $1000, srs

  12. #12
    - Pumped - BAMF_T's Avatar
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    where in VA you making that much at?
    *BMBC*
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  13. #13
    EllusionisT EllusioN's Avatar
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    Originally Posted by BAMF_T View Post
    where in VA you making that much at?
    NOVA. Entry level. Finance
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  14. #14
    Muschi furz PushUp08's Avatar
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    Originally Posted by EllusioN View Post
    NOVA. Entry level. Finance
    Word. Moving to NOVA next month--but I'll be making a bit more than that
    Whatever that means

  15. #15
    GFH!! jcilla26's Avatar
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    Originally Posted by EllusioN View Post
    How is it possible to claim gambling loss? what proof would you need?
    You can only deduct gambling losses up to gambling winnings....

  16. #16
    Registered User BetterBodies's Avatar
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    http://www.hrblock.com/free-tax-tips...ors/index.html

    should take like 2-3 minutes to fill out and will be accurate if you have simple tax liability/deductions
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  17. #17
    - Pumped - BAMF_T's Avatar
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    Originally Posted by EllusioN View Post
    NOVA. Entry level. Finance
    nice dude!!
    *BMBC*
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    -It's not how much you lift, it's how much you look like you can lift!-

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  18. #18
    Navy-Marine Corps Team nutsy54's Avatar
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    Originally Posted by ScubaStevo View Post
    1. Depends on how much you had withheld from your paychecks.
    ^^^ That

    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).
    - "How do those guys on submarines hold their breath for so long?" - Kelly Bundy

  19. #19
    Methodological Naturalism tk217's Avatar
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    Originally Posted by EllusioN View Post
    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
    Umm...

    Did you claim 0 or 11?
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  20. #20
    EllusionisT EllusioN's Avatar
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    Originally Posted by tk217 View Post
    Umm...

    Did you claim 0 or 11?
    dependents? I have no kids
    Greatness comes to those who take it.

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  21. #21
    Methodological Naturalism tk217's Avatar
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    Originally Posted by EllusioN View Post
    dependents? I have no kids
    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.
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  22. #22
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  23. #23
    Invictus cmc0108's Avatar
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    Originally Posted by snp1686 View Post
    when i was single and making 40k i got back roughly $600

    feelsbadman

    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.
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  24. #24
    ♠ Classy Brah ♠ OTG's Avatar
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    Originally Posted by cmc0108 View Post
    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.
    That's the ideal scenario, except John blew away his money and so will bob when he gets it back.
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