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

Clinton R. Ausmus replied to Pale Horse's discussion General Election 2016 in the group The Great Debate
"Which makes them useless in forming any opinion about the state of the election..."
14 minutes ago
Clinton R. Ausmus replied to Pale Horse's discussion General Election 2016 in the group The Great Debate
"I think both Foundations are fishy.  I don't trust either of them.  Don't trust Clinton as far as I can toss her.  You can direct backlash where ever you want, but it's sorely misplaced. As I stated.  If you look…"
16 minutes ago
Native Son replied to David Salley's discussion Tucking in with shorts
"To repeat part of my earlier reply, "Aloha Shirts or Guayabaras are NEVER tucked in.""
19 minutes ago
Native Son replied to Devster's discussion MBA - is it worth it?
"Tend to agree on several points. An MBA's worth depends very much on what school it's from. For someone starting out, and lacking the connections and qualifications to get on board one of the big consultancy firms, the standard…"
21 minutes ago
Pale Horse replied to Pale Horse's discussion General Election 2016 in the group The Great Debate
"LOL @ Mexico, Saudi Arabia, and Iran. We both know why the results are so pro-Trump, though."
26 minutes ago
Shane replied to Pale Horse's discussion General Election 2016 in the group The Great Debate
"Polls do mean something. They're creating a narrative which may, or may not, exist."
30 minutes ago
Shane replied to Pale Horse's discussion General Election 2016 in the group The Great Debate
"You're not qualifying it. That's what's drawing my backlash. You keep quantifying it as if the Clinton Foundation killing Haitians is in the same league as Trump hanging a painting on the wrong wall."
31 minutes ago
Clinton R. Ausmus replied to Pale Horse's discussion General Election 2016 in the group The Great Debate
"Yeah, that's all I was trying to draw Sir's attention to.  And we still don't know anything really.  Only that these are the allegations and the Attorney General (?) in New York has opened an investigation.  Personally,…"
37 minutes ago

© 2016   Created by Brett McKay.   Powered by

Badges  |  Report an Issue  |  Terms of Service