Tax Question

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carl winslow

Sicc OG
#1
Dec 17, 2004
3,694
31
0
#1
i only made about $25,000 last year. im single, not claimed as a dependent, nor do i have dependents. i had about $1000 taken out in federal taxes. does it sound right that i should now owe about $800 in taxes? shit man, ive always received a refund, now i'm paying the irs? wtf!?!?!?!?

why im asking the siccness i dont know, but i dont feel like registering to any ohter forum.
 
DuceTheTruth

DuceTheTruth

No Flexxin No Fakin
#5
Apr 1, 2003
6,884
6,016
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#5
carl winslow said:
i only made about $25,000 last year. im single, not claimed as a dependent, nor do i have dependents. i had about $1000 taken out in federal taxes. does it sound right that i should now owe about $800 in taxes? shit man, ive always received a refund, now i'm paying the irs? wtf!?!?!?!?

why im asking the siccness i dont know, but i dont feel like registering to any ohter forum.
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I made 21 sumthin and 1926.50 taken out in feds and turbo tax said I'm gettin 850(?) and Im in the same situation as you.....but it's wierd cause last yr I owed and had a shittier job......I think I fucked up on that w2
 
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carl winslow

Sicc OG
#10
Dec 17, 2004
3,694
31
0
#10
♔;5036426 said:
$25,000 - $5,700 - $3,650= $15,650 (taxable) x 15%(tax) = $2,347.50(tax $) - $1,000 (withheld) - $400 (credit) = $947.50 (owed)
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dont know exactly what all those numbers mean but i like it. and based on 50cals situation it seems like i shouldnt have to owe either...especially not that much. im pretty ignorant to this whole tax stuff, especially since ive always just gotten refunded money. now that ive gotten a scare that i may possibly owe, makes me realize i need to get my financial/government knowledge on. all these people now telling me about all these things i could of got deducted but i dont save any freakin receipts!

i have a jewish friend and his parents have been lacing him with knowledge on how to be smart with money since he's been a kid. that motherfucker has his taxes filed by like early january and always gets super fat refunds. fuck those people
 
TONY206

TONY206

/b/ased
#11
Jun 13, 2002
13,154
525
113
siccness.net
#11
carl winslow said:
dont know exactly what all those numbers mean but i like it. and based on 50cals situation it seems like i shouldnt have to owe either...especially not that much. im pretty ignorant to this whole tax stuff, especially since ive always just gotten refunded money. now that ive gotten a scare that i may possibly owe, makes me realize i need to get my financial/government knowledge on. all these people now telling me about all these things i could of got deducted but i dont save any freakin receipts!

i have a jewish friend and his parents have been lacing him with knowledge on how to be smart with money since he's been a kid. that motherfucker has his taxes filed by like early january and always gets super fat refunds. fuck those people
Click to expand...
$25,000(income) - $5,700(standard deduction) - $3,650(exemption for yourself)= $15,650 (taxable income) x 15%(tax rate) = $2,347.50(your tax for the year) - $1,000 (withheld and paid towards tax) - $400 (work credit from Obama) = $947.50 (owed to IRS)

That should explain it.
 
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carl winslow

Sicc OG
#12
Dec 17, 2004
3,694
31
0
#12
♔;5037389 said:
$25,000(income) - $5,700(standard deduction) - $3,650(exemption for yourself)= $15,650 (taxable income) x 15%(tax rate) = $2,347.50(your tax for the year) - $1,000 (withheld and paid towards tax) - $400 (work credit from Obama) = $947.50 (owed to IRS)

That should explain it.
Click to expand...
oh yeah that makes sense. thats basically the calculation i initially came up with. for some reason i understood it as the gov owed me 947......FUCK!!! well hopefully the $600 i paid in school loan interest will bring down that amount. FUCK!!
 
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