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Kimmie | Should we have to pay? |
I'm wondering if my husband and I will have to end up paying taxes this year. We were married in April 2007 and this is the first year we have filed together. Seperately, we usually get a tax return.
Together our income was $65,000.
They with-held 8,000 in federal taxes and 3,000 in state taxes. I'm just wondering if we'll have to pay this year? I'm not expecting you to do our taxes- I've just never filed in such a high tax bracket before, and am unsure of how it works.
Thanks.
Additional Details
We live in WV |
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mom to 4 boys
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this is pretty cool, go to the h&r bloxk web sight http://www.hrblock.com/ then go to the free tax estimator http://www.hrblock.com/taxes/tax_calculators/index.html and input your info and check it out. we just had our taxes done 2 weeks ago and i did the estimator first and it was pretty much correct, it was off by 10$ |
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dawncharboneau
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I think you should prepare your taxes together and prepare them separately to see what is best. You can use the www.irs.gov website to file them separately for free. You can use this just to calculate it without submitting it. More than likely, it will benefit you both to file together. The tax bracket is higher if you file Married filling separately.
I think you should know whats going on before your tax preparer, sometimes they know less than you.
Here's an estimate for filling together: $65,000 - 10,700 (MFJ deduction) - 6,800(exemption deduction for 2) = $47,500. If you look up this amount on the tax table the total tax owing is about $6346. You paid in $8000 so you should get some money back.
Not sure about the state???? |
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Scotty Doesnt Know
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If your income is $65,000 and you're married filing jointly, you're still going to be in the 15% tax bracket.
I don't know if you own a home and make a mortgage payment, or if you have enough deductions to exceed the standard deduction, but even if you just took the standard deduction, if you had $8000 withheld, that's probably too much, and you should probably expect a refund. (I'm being VERY general here...I don't know the particulars of your situation).
Not knowing what state you live in, I can't comment on the state taxes.
Do you and/or your husband participate in a section 125 cafeteria plan for insurance premiums? How about a healthcare Flexible Spending Account? Those are ways to make some more of your income be tax-free and further reduce your tax liability.
If you get more than a couple hundred dollars back (and I'm guessing you're going to get at least a couple THOUSAND dollars back), you each need to fill out a new form W-4 with your employer. No sense letting the government use your money for free! They keep it for a whole year and when they give it back to you in the form of a refund for tax overpayment, it doesn't come back with any interest, or even a thank-you note! You should make sure that your employer is only withholding enough to cover your taxes. Put the rest of the money where it belongs...in YOUR pocket. |
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tammer
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Do you have dependent children? Do you pay for childcare?
Do you pay out for health/ life ins?
Do you have a mortgage or mortgage insurance?
Are you going to file long or short form?
Many other things will also effect the return............ |
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know it all
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You will get a standard deduction of $5350 for married filing joint return. That brings your taxable income down to around $59,650. Take off $6800 more because you made less than $117,000 and that brings your taxable income to around $53000. Your tax on this is around $7100, so since you've paid in $8000 you will get back around $900. If you can find more deductions than $5350, then you should itemize. Also, your refund can be increased if you have Educator Expenses, IRA deductions, student loan interest, tuition and fees. These can be taken off the top of your total income before the tax is figured in. Good luck. |
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pikaberrygrl
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It looks like you will be receiving a refund for federal purposes of about $1,600, based on the info you provided. I don't know about the state since I don't know which state you live in. |
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rxing
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honestley too little details |
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ponek99
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go to a pro to see what they say |
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jeligula
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They held out almost 17% all together. 12% on federal. You should be okay. If not, then you shouldn't have to pay much. But I have never filed jointly. Good luck. |
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stefa1mg
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As long as you don't have too many exemptions claimed on your W4, you should be all set. Not knowing what your deductions are, it's hard to say. I think you should have enough paid into the Federal government. The tax brackets are higher for married couples filing joint. As for the state, there is no way of knowing (don't know what state you live in). |
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