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Forum
-> Household Management
-> Finances
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amother
Orchid
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 Tue, Nov 06 2018, 10:03 pm
| amother wrote: | | Are you currently working - or will be working? Are you trying to predict how much of a refund you will be getting, or how much tax will be coming off of your paychecks? |
She would not be qualified for the EITC with that income. She would only be receiving a refund if taxes withheld are more than she owes.
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amother
Orchid
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Tue, Nov 06 2018, 10:43 pm
| amother wrote: | | It would be impossible for anyone to answer this with so little info. The only advice I can give you is to make estimated quarterly payments to the IRS, so that you don’t have to pay a late penalty when you file taxes. |
Also, keep track of any and all expenses related to your job so that you can deduct them on your tax return. For example, if you’re a teacher or therapist, keep receipts for all your out of pocket purchases.
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amother
Jetblack
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Tue, Nov 06 2018, 11:00 pm
| amother wrote: | | She would not be qualified for the EITC with that income. She would only be receiving a refund if taxes withheld are more than she owes. |
I didn't say anything about a EITC.
I was trying to understand why OP is trying to figure out - because 'how much tax will we pay' is probably the wrong question to ask for an employee. What will our net income be on each paycheck is probably more useful.
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amother
Scarlet
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Tue, Nov 06 2018, 11:03 pm
11,000 federal tax
7500 fica
2500 state tax
-4000 credit
I think $16,000
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amother
Orchid
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Tue, Nov 06 2018, 11:21 pm
| amother wrote: | I didn't say anything about a EITC.
I was trying to understand why OP is trying to figure out - because 'how much tax will we pay' is probably the wrong question to ask for an employee. What will our net income be on each paycheck is probably more useful. |
Being that she mentioned property taxes, I assume she wanted to know her tax liability on her tax return, but I may be mistaken...
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amother
Jetblack
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Tue, Nov 06 2018, 11:34 pm
| amother wrote: | | Being that she mentioned property taxes, I assume she wanted to know her tax liability on her tax return, but I may be mistaken... |
In my experience - come tax return time - most employees are just looking to see if there is a refund coming - not so much about total taxes already paid via withholding.
OP is likely sleeping ..
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Mommyg8
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Tue, Nov 06 2018, 11:55 pm
| amother wrote: | | She would not be qualified for the EITC with that income. She would only be receiving a refund if taxes withheld are more than she owes. |
Child tax credit. Not EITC. She's eligible.
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amother
Jetblack
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Wed, Nov 07 2018, 12:05 am
| Mommyg8 wrote: | | Child tax credit. Not EITC. She's eligible. |
that would be considered in the calculation of the withholding from the paycheck (if the W-4 is completed correctly)... so it shouldn't generate a refund. (that poster was responding to my comment about getting a refund).
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