Question:

How much of your taxes do you get back?

by  |  earlier

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I'm 15 and have been working there for a year.

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2 ANSWERS


  1. Look at your paycheck.  Estimate what you will make for the entire year.  Ask your parents if you have any investment income (like a college savings account.)

    If you have only wage income, you can make up to $5450 before you owe tax.  If you make less, then any federal withholding would be refunded when you file.  You do NOT get the fica/mc back.


  2. I'm not sure you understand just what a refund is.  Through the year you might have money withheld from your paycheck for federal income tax.  At the end of the year, you prepare a form called a tax return to calculate how much tax you owe total for the year, and compare that to what was withheld.  If you had more withheld than your total tax, you get the extra back as a refund.  If you didn't have enough withheld, you have to pay the rest rather than getting a refund.

    A refund isn't some sort of bonus the government gives you for working.  It's like if you went to WalMart and bought $16 worth of items, but gave the cashier a $20 bill.  You'd get a "refund" of $4, but it's not them giving you something, it's just getting your own money back.

    You will not get back what was withheld for social security and medicare.

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