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Additional Details
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redz1979 | I dont get any taxes taken out of my pay, when I file my taxes will I get a tax return after paying my taxes? |
Additional Details
I work part time and only get 147 a week. My boss doesnt take taxes out because "its too much paper work"
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sarah314
 |
Do you mean will you get a tax refund?
No. You'll likely end up owing money (unless you have a low enough income that you won't owe taxes). And, if you do owe money, you'll likely have some interest tacked onto that for not making estimated withholding payments throughout the year.
(The tax return is what you file to the gov't. The tax refund is the check you get if you overpaid throughout the year.) |
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Gary
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Okay, you left some information out of your question. Are you married? Do you have any dependents to claim? Are you least 25 years old (if you are single for EIC purposes)? Are any state taxes being taken? Are any Social Security and Medicare payments being taken?
Now let's assume you are single, no dependents, and are least 25 years old. You make $147 per week, multiply your weekly amount by 52 weeks and your gross pay would be $7,644. You would be required to file if you make at least $8,450 (2006 tax table). Your would take the standard deduction of $5,150 (single) and one personal exemption for yourself which is $3,300. 5,150 + 3,300 = 8,450. However, if you want EIC you would have to file probably on a 1040EZ form and your EIC would be $344. File your state to get your state's EIC. |
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Judy1
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Unless you are eligible for an earned income credit, no you won'. A REFUND (it's not a 'return') pays you back money that you overpaid, it isn't just a nice perq from the feds to you. You say "after paying my taxes" - if you pay them when you file your return, you'll just pay the amount you owe so there won't be any refund. In fact, if you didn't pay in enough with quarterly estimated payments, you might end up owing additional amounts as a penalty for underwithholding even if you pay all that you owe when you file your return.
If you don't have taxes taken out, you will very possibly end up owing money when you file. Is social security taken out? If not, you are probably being paid as an independent contractor and will owe that, as well as possibly income taxes. |
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bostonianinmo
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You don't "get" a tax return, you FILE a tax return. If no taxes are being taken out of your pay, you're considered an independent contractor and will have to make quarterly estimated payments to the IRS using Form 1040-ES. If you don't do that, you'll have a massive tax bill to deal with when you file, plus penalties and interest for underpayment of taxes. |
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just a girl
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No, you will owe. How can you get back what you didn't put in? |
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Patrick S
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You better keep copies of your paycheck stubs in case he doesn't give you a W-2 (which he probably wont). If he does give you a 1099-MISC, you have to file as an independent contractor and with only 7500 or so in income, your EIC may not be enough to cover the medicare and social security taxes. If he gives you nothing and you cannot document that you made the money, you may be eligable for the EIC, but you won't get any cause you will have officaially "earned" nothing. Having copies of the paycheck stubs will at least get proof and you can still file as an independent contractor (if that helps any, depends on the number of kids). Do not try to do this yourself. Make an appointment with a tax professional (anyone at H&R Block with at least 3 years experience...as for it!) should be able to help you. |
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italiatom
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The EIC is a refundable credit. Your taxable income will be zero after deductions and if you qualify for the EIC you'll receive a refund. Not bad, huh.
However, you're still on the hook for medicare and social security whether or not your employer deducts them or not. He's supposed to, so you better make sure for both your sakes that he is. |
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taxpf
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just some approximate figures... your total income for the year would be approximately 7644.00 based on your information.
Earned income credit would be approx. 344.00
Federal Tax you owe approx. 766.00
State Tax depending on where you live, approx. 380.00
you would probably owe around 800.00
this does not include any ss or med or se tax
this is with the assumption you are single
and it is also possible you wouldn't even have to file a return at all if you don't make enough...
that would be your standard ded.
plus exemption for 2007
adding up to more than your income and filing status |
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h_carlin
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Is this something you wanted to be done? You can have it fixed! Oh you will owe, you know the government want, want, want. However yes, you will land up having to pay, since you did not contribute to them...If you chose to have this done, you should fix it, it really is hurting yourself in the long run. I had no taxes taken out for a year income was small, but at the end I was to pay 700.00 to the I.R.S. and then the tax consultant said hey open a individual retirement C.D. for 2,000 and then the I.R.S. will pay me,not much but much better than owing them. It seems to have worked...So yes, get it fixed or start saving the bling.... |
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American Women
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you only get money back if you have taxes taking out each paycheck. If your working on the books you should of filed a w-2 and taxes will be taken out, if your working off the books... well I'll just assume you wouldn't be doing that. |
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NAB
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Unfortunately not. You may even have to pay, depending how much was your net income. |
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wigginsray
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no.
A return is the govt "returning" your money back to you since you've overpaid. If you haven't paid, the government won't be returning anything.
You really should have taxes taken out. I think it might actually be required. You'll find you'll owe more money at the end of the year if you don't pay at least quarterly on estimated taxes. If you make so little that you don't pay taxes - then it's not a problem. |
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Lowa
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No, a tax return will only come if you've paid more than you had to over the year from your paycheck, but if you pay the correct amount you will not get a return. |
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bgee2001ca
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sorry, no you will not get anything, you will in fact owe the government money. |
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Etta P
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You will owe taxes to the IRS, most likely, depending on what your bottom line is after expenses. Keep good records, you will need them. See website below for more information. |
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tabulator32
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Totally dependent on your amount of income.
I would say your chances of getting money back are slim. |
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the eatermeater
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blame george w. bush |
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