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and they were getting actaully quite alot of money?
Additional Details
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fyr5000 | Will i get a refund or will i have to pay taxes? |
I'm a full-time student and made $22,000 this year.I have no dependents and i am worried i will have to pay an absurd amount.Any tips.
Additional Details
have had about 4500 withheld |
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v b
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I love all these answers saying you'll get a refund when you didn't mention if you are a dependent on your parent's return and how much money was withheld from your paycheck.
If you are a dependent, you have about $2110 of income tax. If you had more withheld, you'll get a refund; if you had less, you will owe. |
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Judy1
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If the whole $4500 withholding was just for federal income tax, you'll have a substantial refund. If you are including what was withheld for social security and medicare and maybe state, then you don't give enough info to tell.
On $22,000 your federal income tax liability will be around $2110 if you are a dependent, and around $1600 if you aren't. If you are not a dependent, then you can probably also take an education credit to reduce your tax even further - if you are a dependent your parents get the credit, you don't. |
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j-man
 |
I assume that 1) you are not claimed on anybody elses taxes (I am sure you can take care of yourself on $22,000/yr), 2) you are not married, and 3) you are not paying for school with scholarships.
If that is the case, you will owe $1,600 in taxes. However you have already paid $4,500 (that is very high, does that include Social Security, Medicare, and state taxes? It shouldn't), so that means that in this situation, you will get $2,900 back. Yes, you made an interest-free loan of $2,900 to the government (your rich Uncle Sam thanks you).
That number might be even higher if you qualify for the lifetime learning or Hope Education tax credit. To qualify for that, you would have had to pay tution at an accredited Junior College or University with your own money or with loans. |
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~Poison Cupcakez~
 |
It is hard to answer this question unless you know more. Unless certain questions are answered you really can not have an accurate answer. Are you a dependent for someone else? Do you own a home? etc. The amount you send to charity etc will not really effect you unless you are going to give them more than the amount the IRS gives as a standard deduction. |
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Gotta Know
 |
Did you have any deductions? You need to see if you gave any money to charity, but usually as long as you had taxes held out you won't have to pay. |
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Gem
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We can't tell you this without knowing how much you have held withheld from your checks, and how much and what of your college expenses are tax deductible.
Go and see a professional.
From experience though if you are single you pay through the a**. Taxes suck. |
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bofahs
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Well, the most you'll pay is about 10%. If you filled out your W-4 correctly with your employer, you should get a LITTLE back. Try turbotax.com for a preview of your return. |
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markxxx
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IF you made 22,000 and going to College, You will pay close to nothing! I go to college and I am in my 30's, make right around what you do and last year I paid in $100 to federal income taxes, I got pretty much all of it back, .... like $2000... boy that was a real nice suprise lol. |
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jenny04105
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You will not have to pay taxes. I made more than that last year and was in the same position and I collected both federal and state taxes |
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Blue
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depends on what % you "donated". I always aim high to avoid it, one fourth of my check (or 3 months of my life) goes to uncle sam. I usually get most of it back. |
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J DUBS
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no dependants, full-time student...dude you should easily MAKE 600 bucks at tax time |
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Brittany
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you will get sum back but not much. |
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KASA
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I made 22,000 and didnt pay any taxes on that but have one dependant .How much will i have to pay in taxes and will i get anything back as well. |
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Allenyoshi
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I am self employed and have a child and made about 22 thousands this year wanted to know will I get a refund back I have about 3500 in expenses |
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lizzy
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How do I know how much I have withheld? I can't remember how I filled out my W4 when I first started working. |
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