How much of what i pay in to federal income tax will i get back?

Question

i'm eighteen and work at wal-mart,my parents claim me. how much will i get back i make around Ten to Twelve k

Answer 1

It's not possible to say.  You get a refund if you overpay your taxes.  If you underpay them you'll have a bill to pay when you file.

Since you are a dependent, your taxes are a bit higher than if you were not.  Therefore if you claimed 0 allowances on your W-4 you'd typically receive about $100 - $200 back.  However if you claimed 1 you'd likely owe a few $$$, typically between $50 and $100.

Answer 2

Got a question for you first.  You say you are going to make 10 to 12 k.  I assume you mean $10,000 to $12,000.  My question is: are you sure your parents CAN claim you?  The first of the rules in determining if somebody can be claimed by somebody else is if that potential dependent provides half of their own support.  If they do, nobody can claim them as a dependent.

So your parents would have to spend more supporting you than you do.  If you spend all that 10-12K (you bank little or none of it for use beyond the current year) they would have to spend more than that, to get your self-support percentage below 50%.

The other question is you age.  You are 18.  If you turn 19 and are NOT a full time student, you also cannot be claimed as a deduction at your income level.

To answer your question assuming that your parents CAN claim you, your tax liability for the year would be $448 if you made $10K and $748 if you made $12K.  That is the amount you WOULD NOT get back.  How much you get back would be however much you pay in (based on how you filled out your W-4) minus the tax liability that I just calculated.

Nobody can answer your question without knowing how much Wal-Mart is withholding for you.  But do make sure your parents know how much you are making the that it is jeopardizing whether they can take you as a dependent or not!

Answer 3

It depends on how much you had withheld?

Hope this helps.

Answer 4

You will not get back social security and medicare taxes.

You will file your tax return. You will only get standard deduction (on earned income) of $5,450. So if your total income is $10K, your taxable income is $4,550. Your federal income tax is $455.

If you paid more  than $455, you will get refund.

Read: http://taxipay.blogspot.com/2008/02/fili...

Answer 5

You don't give enough information to properly answer your question.

Since I don't know how much tax you expect to have withheld from your paycheck this year, I can't even estimate if you are going to get a tax refund.  For all I know, you may OWE when you file your tax return.

Answer 6

it all depends on how many deductions u have