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| *Ostroff, Fair and Company>>>United States Taxes |
Urgent Tax question please? |
I made 55,530 from one employer withone W2 form. I live in Ny I paid 13,650 in total taxes ... Should i get a return? I went to may accountant he said he cant get me a return because i passed the 50k and i didnt go to school ,, my age is 31 old and im married, I can file single or married she made only 3k with 1099 forms please help First of all you should get a return but what you really want is a refund of over paid tax. Second depending on what you mean by $13,650 in total taxes you could get a refund. If $13,650 is all Federal withholding and state withholding, I just did a return for someone with $60,000+ in income and he got a $2,300 refund and he was single. As far as filing status, if you are married you can never file singly. You can however file married or married filing separately. However for a married person there is no advantage in filing separately. Edit 1: You have no choice for filing status. You can not file Single. You can only file Married or Married filing Separately There is not Single. As far as the Withheld taxes, are you including the Social Security tax in the $13,000? If your total income for you and your wife is 58,530 and you don't have any children and don't itemize, your taxable income on a joint return would be $41630 and your income tax would be $5489. Then there would be another $424 in self-employment tax. Half of that could be taken as an adjustment to income, which would save you around $32 in taxes. So your total tax liability should be in the vicinity of $5881. If you had more than that withheld for federal income taxes, you'd get the overpayment refunded to you - if you paid in less, then you'd owe the difference. If you have any kids, or if you have enough deductible expenses to itemize, the tax would be lower. Don't file separately - that will just make your tax bill worse. We have a hard time understanding this convoluted English, but it SOUNDS like you are married and had $55,530 in W-2 income and your spouse earned $3,000 as a self-employed person. Since we do not know what type of work generated the $3000 income, I cannot determine whether or not you have expenses against this income that can reduce your taxes. With 13,650 in withholdings, that means $9401 went to pay either state or federal tax. Since you did not specify, I'd guess it was a mix. The rest was FICA/Medicare taxes. Ultimately, there's not enough info to give you a complete tax return here, but assuming no itemized deductions, etc. and no deductions against the $3K, the total federal tax is based on about $41400 or $5450 in income tax plus $459 in SE tax for a total of $5909. Add in telephone tax credits, and your total tax is less than $5870. Sounds like you should have more than enough to end up with a federal tax refund since I doubt NY state withholding is more than $3000 of that $9401. SEE A good tax preparer! UPDATE: Based on the above facts, filing separately: Your tax: $7145. Wife: $430 (SE Tax only). Total = $7575 (You are wasting her exemption and half your standard deduction) Filing Jointly: Your tax: $5150. So you should end up with a refund. -- A Darn Good Tax Advisor Is your question really "Should I get a refund?"not "Should I get a return?".. You must FILE a tax return (actually 2 Federal and State, possibly 3 if you earned the money in NYS and live in another state). If your accountant says you wont get a refund, Hey, thats GREAT.. That means that you didnt give the IRS an interest free loan.. But if your question is meant to be "I earned $55,530, and $13,600 was withheld. Is that too much or too little.?" It completely depends on your deductions. go to http://www.irs.gov/formspubs/article/0,,... to use the formulas for your taxable income rates. Yes, if you use your wife and children as a deductible.this will bring your income and into a tax refund bracket. |
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