 How to Save Tax On salary? |
my salary up to dec 08 is 224000/- i want to save Tax on it,
i do not have any saving like lic,ppf , taken education loan in 2003 of Rs.75000/- for 7 years can it help
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Saif Rasheed | Do you get your money back after filing a tax return? |
all the money they take from yor paycheck's do u ever get that back? |
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Homeslice
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No. Your money is used by the government to fund it budget and programs. Technically, the social security tax that you pay you are supposed to get back, that is if the social security system is maintained. However, you would not be eligible or social security until retirement or disability.
Your employer will withhold income taxes during the year based in tax tables. When you file your return, it is possible that they withheld too much or too little, in which case you would get some money back, or you could owe more. |
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Judy1
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Probably not, but it depends on how much you make. If you don't make enough to owe any taxes, you get back everything you paid in for income tax withholding.
You don't get back what you paid in for social security and medicare. |
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Crypt
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It depends on how much you make and how much they've already taken. Some people get back more than what gets taken out, others get back very little. Yet others end up owing more. |
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Rich Z
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After you calculate the tax (or after they figure it out for you if you have a simple low income situation) the difference between what you owe and what they took out from your salary is what you get back.
If you get a lot back you should adjust your withholding number because you gave the government a free loan and they are just handing back your own money. If you still owe after you file you need to correct that because they will get vexed and charge you penalties for under-withholding.
If you don't file a return then anything you are owed will never come back to you on its own. |
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nymormon
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When you file your tax return, if you have overpaid, you get a refund. If you have not paid enough, you have to pay the amount owed. This information is on the forms you fill out. You just have to read the form. If you have never filed, and are unsure what to do, you need to have experts fill out the forms for you. You can find these experts in several places. When tax season comes around, you will see them everywhere. |
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di12381
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In the past yes, because of what I was earning, but it depends on your salary. |
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arkleseizure
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Yes, if you are due a refund based on your yearly earnings and what you have already paid it. It is possible that you may actually owe more money, if you withholding was not sufficient. |
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trooper753
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when you do the 1040 it will tell you if you get a refund. then they mail it to you or you can do direct deposit into your bank acct. some tax prep places have debit cards they load with the money. |
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A.P.
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I did last year, and then some. This coming year I probably will as well, but that's because of the income bracket I fall within, and because I have two dependents and my wife doesn't work. See a tax preparation specialist, they can help. |
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LittleBarb
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If you make under $7500 and are single, you SHOULD get all of the taxes that were withheld all year BACK... this happens because your standard deduction AND exemption amt (on the FEDERAL return and the standard deduction on the STATE return are the same as your yearly salary or MORE and therefore, since you would therefore have NO tax due---you would get ALL of your withholding tax back... If you made OVER $7500 and were single, you would get a LARGE PORTION of what you had withheld all year back as a refund...... IF you make $15000 or so, then you would either get back NOTHING, or OWE if you had no other deductions you could take on your return..... there is NO student exemption --if you earned money, you file a return... IF you are a working single parent with a child in child care, you can get MORE back in your tax refund then you paid IN because you get certain credits that single filers do NOT get.. (Earned Income Credit for one).... For example. where I worked.. Two women with the same exact job, same number of years, same rate of pay, SAME TAXES WITHHELD.... One woman has a 15 year old daughter and I the other has a child that is an infant....woman with the infant would end up getting more money back in HER tax return because she is entitled to the earned income credit AND a child care credit if her infant is in day care or being watched by a PAID SITTER during the day.... the other woman would get earned income credit but maybe her daughter is NOT in day care (being 15) and therefore THAT woman would not get a child care credit added to her refund... |
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