If you make under a certain amount of money, then do you get all your taxes back?

Question

If you make under a certain amount of money, then do you get all your taxes back?

Answer 1

You never get them ALL back. FICA and Medicare are not refundable.

Whether or not you get back all of the Federal income tax back depends upon your filing status. If you are Single and have no dependents and are not a dependent yourself, the limit is $8,950 in 2008. If you're a dependent it drops to $5,450. On the other hand if you're married and have 2 children, it would be $24,700 although the impact of several credits would actually raise that significantly.

For State income taxes the limits are all over the chart. In PA for example, it's a paltry $33.00 while in CA it would be pretty close to the Federal limits.

Answer 2

Yes, even more if you fall into the right tax table. The term is :

"unearned income". What I would do is either find some one that can do your taxes correctly one year, and if nothing major changes with your tax status the following year/s, you can simply follow how they

filled the form out with your current amounts.

Answer 3

You will not get back money with held for Social Security taxes but you will get back a good portion of what was withheld.

Answer 4

Yes. I believe there is a box to mark on a tax form when u start employment asking you if you expect to receive a full refund of your taxes, for this reason. If you are making at or below the poverty level, I'm sure you get a full refund.