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| *The Commerce Journal>>>Other Taxes |
Our gross income for 2007 is 37,229 we've had a total of 7050 in federal taxes tooken out and have1 qualifying |
child. We are married filing jointly what is our estimated refund? Don't know if you itemize, or what the age of your child is, but here's ballpark estimate. Gross income 37,229 Standard Deduction - MFJ (10,700) Personal Exemptions (3 x 3,400) (10,200) ------------ Taxable Income 16,329 Tax 15,650 x 10% 1,565 679 x 15% 102 ----------- Total Tax 1,667 Child Tax Credit (1,000) Net Tax Liability 667 Withholdings (7,050) Refund 6,383 Again, this is rough ballpark estimate. If you itemize then your tax liability would be lower, and your refund would be more. Source(s): 2007 tax rate and deductions/exemptions Nobody can answer that quesiton exactly because we don;t knwo where you lived, how much other tax you may have paid, etc. etc. You can answer that easily for yourself. Go to the Irs.gov site. Download a 1040 form and fill it out. This will tell you exactly how much tax you would owe in 2006. The 2007 forms aren;'t out yet. Your tax bill, assuming you don't itemize, would probably be somewhere around $1700, minus the $1000 child tax credit if you qualify for that, so that would be over $6000 refund. Why do you have so much taken out? You are just giving the government an interest free loan of your money for the year. Is that your gross income so far? Your total income would then be about $57,000 for the year. Social Security and Medicare so far would be about $2,848. On $57,000 with a $1,000 child tax credit and standard deductions, I came out with an annual income tax of $3632, of which about 2/3 or $2400 should have been deducted so far, for a total of about $4800 if "federal taxes" include Social Security and Medicare. $7050 is still too high. |
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