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.
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.