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lynnie


Chanel

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people that get tax refunds...
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what is criteria to get back money?  If you make under a certain income level?  What percentage do you have deducted from each paycheck?

Every time i do the IRS calculator- it says i owe money.  I don't get it- if earnings are $15000 lets say (the amt. is low)- why should i pay 50% in taxes? 

I used to get back money as a teenager and i had less taken from me.  Can anyone break this down for me? 


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kenzie


Chanel

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I don't know what the breakdown is or anything, but I can tell you that I made more money this year than I ever had and I also got a bigger tax refund. I claim single and zero on my W2 and don't have any extra deducted from my paycheck.

-- Edited by kenzie at 19:13, 2007-02-20

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ILoveChoo


Hermes

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they take a greater percentage if you make more (there are a few different "levels"), and you'll probably get more back(or owe less) if you have more withheld.

you shouldn't be paying 50% on 15k though....that's way too high

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kenzie


Chanel

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Okay, I just did a quick search and found this info:

http://www.moneychimp.com/features/tax_brackets.htm

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lynnie


Chanel

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kenzie wrote:

Okay, I just did a quick search and found this info:

http://www.moneychimp.com/features/tax_brackets.htm

ah very interesting.  I wonder what state taxes are like- similar or less?



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