How much will I get back from my tax refund?

Question

I have no children and I do not study, also, I am married.

I have had about $2700 taken out in tax, what is the amount (roughly) that I would get back?

Answer 1

This will depend upon your Taxable Income earned. There is no Income Tax payable on the first $6000 that you earn. For every dollar over that amount that you earn the tax payable is 15 cents. So if you had earned $7,000 for the year you would have a tax liability of  (7000-6000) 1000x 0.15 which equals $150. Having had $2,700 deducted you would be entitled refund of $2,550. If your income was exactly $24,000 for the year you would have a tax liability of (ie 24000-6000)18000  x 15 cents which equals $2,700. Therefore you would be entitled to no refund at all. For every dollar less than $24,000 that you may have earned you will be entitled to a refund of 15 cents. Now should you have earned $24,001 you would owe the taxman 15 cents. This tax rate would apply for every additional dollar you earned over $24,000 up to $25,000 income. After that the rate goes up to 30  cents for each extra dollar until you earn more than $75,000 when it goes to 40cents in the dollar, until over $150,000 when you pay the top rate o 45 cents in the dollar.

Answer 2

It will really depend on which Tax office you go to, because they are not the same... My guess is that you will probably only recieve about half back, if your lucky... But to make sure that you can get more back, ask friends and family who they would recommend... I use to go to ITP, and I use to get quite a bit back on mine...