What percentage of your income should you get back in income taxes if you are single and 22 and have no depen?

What percentage of your income should you get back in income taxes if you are single and 22 and have no depen?

Postby burnard » Thu Feb 03, 2011 2:33 am

about 75 percent
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What percentage of your income should you get back in income taxes if you are single and 22 and have no depen?

Postby meir » Thu Feb 03, 2011 2:39 am

about 75 percent
You pay in taxes, and if you do it right, you dont get any back.
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What percentage of your income should you get back in income taxes if you are single and 22 and have no depen?

Postby whistler » Thu Feb 03, 2011 2:40 am

It depends on how much you paid in the first place, what your income was, where you live, and other factors that you have not spelled out in your question. A tax expert would be best to help you. H&R Block or Jackson Hewitt are good ones.
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What percentage of your income should you get back in income taxes if you are single and 22 and have no depen?

Postby dyami » Thu Feb 03, 2011 2:47 am

There's not really any official percentage. It depends how much you made, how much you owe, and how much you've already paid (withheld from paycheck and/or made estimated payments.) Assuming you can't be claimed on your parents' taxes, your standard deduction is $5700, and personal exemption is $3,650. Those would get deducted from the tax you owe the government, and anything you paid over and above what you owe, you'll get back. Depending on how much you make, you also could get an Earned Income Credit, and/or a Making Work Pay credit of $400.00.

Let me add this, though. Getting money back means the government had your money through the end of the year, and didn't pay you any interest. That's not such a good thing. On the other hand, if you know you'd spend it all from your paycheck immediately, you may be better off this way. It's like a form of forced savings, if you invest your refund.
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What percentage of your income should you get back in income taxes if you are single and 22 and have no depen?

Postby ioseph54 » Thu Feb 03, 2011 2:50 am

If you are claiming correctly...you shouldn't get anything back.

When you get a refund it means that you're over paying your taxes all year long...

Giving uncle sam an interest free loan from your paycheck.

If you do it right...and you claim correctly...you get more money in each paycheck and nothing back at the end of the year.
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What percentage of your income should you get back in income taxes if you are single and 22 and have no depen?

Postby zotico38 » Thu Feb 03, 2011 2:54 am

This video wil explain your budget and how much you get back. I hope this helps
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