For 2010, there is a "making work pay" tax credit of up to $400. If you made below the threshold to pay taxes (around 16000 for single), then you would get all you paid in back, plus some or all of the $400 tax credit. In some instances, employers were able to not withhold the amount for the tax credit (giving you extra in your check) so that you don't get the tax credit. That is apparently a fairly rare situation, however.
The $400 tax credit maxes out at $400, and is reduced based on income, beginning around $60000 if filing single, going to zero once over $75000. Sorry I don't have the exact numbers, but they are in most of the worksheets. Search the IRS web site for "making work pay" and it will provide exact details.
Married tax credit and children's tax credits can cause a refund to be larger than what was withheld.
Sure you can and it is possible that you would want to if you had any federal income tax withheld from your gross income because it is possible that you be due a refund of the FIT amount that was withheld.
If your tax witheld is larger than the tax due, you receive a refund
By having some income withheld from your worldwide income and then filing an income tax return to claim a refund of some of the amount that may have been over withheld. More than your federal income tax liability on all of your gross worldwide income.
No its not taxed. When you receive your refund, you will notice that their nothing withheld from your refund of any sort. You definitely do not have to report your refund to the IRS-its your money that you earned.
Married tax credit and children's tax credits can cause a refund to be larger than what was withheld.
If your tax witheld is larger than the tax due, you receive a refund
Yes this is possible
Sure you can and it is possible that you would want to if you had any federal income tax withheld from your gross income because it is possible that you be due a refund of the FIT amount that was withheld.
You do NOT have any amount that is withheld from your net take home paycheck after it is issued to you. The amount that is withheld is calculated on your gross earnings for the pay period and is a advance payment of your possible future income tax liability. After your income tax return is completed correctly and IF the amount that is withheld is more than your federal or state income liability then you will receive a refund of the over withheld amount.
If your tax witheld is larger than the tax due, you receive a refund
To determine if you owe taxes based on your W-2 form, compare the total amount of taxes withheld from your wages to the amount of tax you owe based on your income. If the withheld amount is less than what you owe, you may need to pay additional taxes. If the withheld amount is more, you may be eligible for a tax refund.
If you made 67 dollars, what kind of tax refund do you think you might be entitled to receive. If you had a small amount of federal or state tax withheld, you may file to get this back, but that is the only tax refund you will receive. You probably did not have any taxes withheld on $67.
By having some income withheld from your worldwide income and then filing an income tax return to claim a refund of some of the amount that may have been over withheld. More than your federal income tax liability on all of your gross worldwide income.
No. All that matters, as far as work goes, is the total amount you earned and the total amount of taxes that were withheld.
No its not taxed. When you receive your refund, you will notice that their nothing withheld from your refund of any sort. You definitely do not have to report your refund to the IRS-its your money that you earned.
Yes this is very possible. The type of earned income your filing status and even a possible refund of any withheld income taxes.