I have received a federal tax refund of $1,400 in the past two years. I am now 25 years old and still live with my folks. Previously I worked for $11 an hour and it was a mix of part time/full time depending on when I had school. I currently work for another job and make $45,000 gross and I calculated that I will have $33,000 net. I also still live at home with my parents but they don't claim me as a dependent.

My question is, I am in the process of finding a place of my own, and I was wondering if I lived on my own, am single, earning the above salary, what estimated tax refund could I be looking at every year?  Or is it impossible to estimate? I live in Illinois if that makes a difference.

Views: 64

Reply to This

Replies to This Discussion

You should be able to "reverse-engineer" this, so to speak, with an online take-home pay calculator. I know state-specific ones exist, but didn't find one really fast. Keep googling. Illinois makes it easier, 'cause they have a flat income tax.

I'm fascinated by the question, 'cause I don't understand why more people don't come out even with the government at the end of the year. If your W-4 is correct, and you don't have extra income or extra deductions (maybe those are bigger "ifs" than I realize), payroll should sort this out for us.

Of course, no one knows what the legislatures will do with the tax codes going forward. You're not going to get complete precision.

RSS

Latest Activity

Liam Strain replied to Vendetta's discussion A Conversation Worth Having on Gender Identity. in the group The Great Debate
"A hypothetical - If a person looks like a woman, and is treated like a woman by those around her - such that the vast majority of her life is the experience of a woman (including sexual discrimination, desires, even relationships, etc.) are that of…"
8 minutes ago
Liam Strain replied to Vendetta's discussion A Conversation Worth Having on Gender Identity. in the group The Great Debate
"It's not an article - and article would imply research and sources. It's an opinion column. That's quite different. "
22 minutes ago
Liam Strain replied to Vendetta's discussion A Conversation Worth Having on Gender Identity. in the group The Great Debate
"I wouldn't know."
23 minutes ago
Joshua replied to Joshua's discussion My "I'm going to lose weight" thread
"A month and a half, perhaps a little longer. "
32 minutes ago
Shane replied to Joshua's discussion My "I'm going to lose weight" thread
"How long have you been lifting without a break?"
44 minutes ago
Joshua replied to Joshua's discussion My "I'm going to lose weight" thread
"So far this week has been extremely lack lustered.  I have not managed to work out at all this week! For whatever reason I just haven't been able to find the motivation and I think this week of work has simply drained me (third shift man)…"
55 minutes ago
Steve Valline replied to Steve Valline's discussion Hello from Anaheim, CA
"Thank you M. Me too you"
59 minutes ago
M. replied to Steve Valline's discussion Hello from Anaheim, CA
"You're a fine person. Look forward to interacting with you on AoM."
1 hour ago

© 2016   Created by Brett McKay.   Powered by

Badges  |  Report an Issue  |  Terms of Service