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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01-23-2011, 03:40 PM #1
40K salary, how much tax refund will I get back?!
Greatness comes to those who take it.
If you can't command, then you must follow.
I would rather fail everyone in the world than to allow them to fail me.
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01-23-2011, 03:41 PM #2
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01-23-2011, 03:42 PM #3
Stats: 10'0", 1000 lbs
Dead - 545lbs
Bench - 335lbs
Bosanac
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01-23-2011, 03:42 PM #4
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 loanssnapchat: weavv
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01-23-2011, 03:43 PM #5
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01-23-2011, 03:43 PM #6
probably not that much though if you filled out your w-4 correctly and had 1 exemption
snapchat: weavv
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01-23-2011, 03:47 PM #7
when i was single and making 40k i got back roughly $600
feelsbadman
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01-23-2011, 03:49 PM #8
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01-23-2011, 04:02 PM #9
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.
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01-23-2011, 05:12 PM #10Greatness comes to those who take it.
If you can't command, then you must follow.
I would rather fail everyone in the world than to allow them to fail me.
I REP BACK (save me the trouble by linking your thread in usercp
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01-23-2011, 05:16 PM #11
- Join Date: Mar 2009
- Location: Kansas, United States
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about $1000, srs
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01-23-2011, 05:17 PM #12
- Join Date: Jan 2006
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where in VA you making that much at?
*BMBC*
-It's not how much you lift, it's how much you look like you can lift!-
RU
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01-23-2011, 05:29 PM #13
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01-23-2011, 05:33 PM #14
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01-23-2011, 08:57 PM #15
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01-23-2011, 08:59 PM #16
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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"The strong do not simply survive...the strong prosper and flourish."
Kings Age Crew!
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01-23-2011, 09:01 PM #17
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01-23-2011, 09:23 PM #18
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01-23-2011, 09:23 PM #19
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01-23-2011, 09:25 PM #20
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01-23-2011, 09:26 PM #21
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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02-27-2011, 05:52 PM #22
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how does it feel like to be a peasant where you live?
oh wait
i'm one too
RIP mainsqueeze530 1991-2013
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02-27-2011, 05:56 PM #23
- Join Date: Sep 2004
- Location: Norristown, Pennsylvania, United States
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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.Negs to anyone that:
makes a terrible troll thread
makes any conspiracy theory thread
makes a religious/political thread without knowledge of what they're talking about
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02-27-2011, 06:00 PM #24
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