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How much will i get in tax refunds?
Hello! I am 16, live in Canton, OHIO, and have made less than $10,000 this year. When i file for a tax refund what should i be expecting to get back? My parents are divorced, im a junior in high school, and i work in fast food if that changes anything.
8 Answers
- MLv 66 years ago
How much under 10K & how much was w/h for federal & state income tax? Check your year to date for federal & state w/h on your most recent pay stub. FICA (social security & medicare taxes are NOT refunded)
Is this your ONLY income? Any unearned income such as interest or prize winnings ?
Being you are only 16, you are a dependent on your parents tax return. Remember this when you file your federal 2014 1040 EZ tax return. You can't claim your own personal exemption.
Being you earned more than 6,200 - you are required to file for federal. The first 6,200 is Exempt for federal. The first 9,075 in taxable income is taxed at 10%. For example - you earned 9,500 ... 9,500 - 6,200 = 3,300 x 10% = 330 for federal income tax. Check your last pay stub or if you had more than one job this year, your other pay stub & look for 'year to date' for federal w/h & do the math & you'll get an idea of what your refund may be or yikes, what you may owe. As long as you didn't claim Exempt on your federal w-4, you should be ok. When you get your w-2 or w-2's in January you will know for sure.
As for state of Ohio - you are not required to file a state return - you don't meet minimum filing requirements (11,700) but you should file a state return to claim a refund **if** any state income taxes were w/h from your wages. It's very possible there were no state income tax w/h from your wages if you claimed 1 exemption on your ohio IT-4 like you should have. (in OH, they call it an exemption NOT an allowance) . Any school district taxes w/h from your wages will NOT be refunded.
http://www.tax.ohio.gov/taxeducation/fttopic1.aspx ( the amount is higher for 2014)
ETA - A dependents standard deduction is worth up to 6,200/ When you say you made less than 10k - I assumed you made more than 6,200. If NOT, all federal income tax will be refunded if you earned 6,200 or LESS as long as you don't have unearned income of 350 or more.
Good Luck
- BBGLv 76 years ago
You don't "file for a tax refund."
You file a tax return.
You will get a refund if you overpaid your federal income tax.
We don't know if you will get a refund because we don't know how much you asked to have withheld. When you fill out form W-4 and give it to your employer, it instructs your employer on how much to withhold.
If you claimed exempt, you will not get a tax refund because no federal tax was withheld.
If your employer withheld federal income tax, you ought to get all of it refunded when you file your return (based on what you said here).
Social security, medicare and industrial insurance tax are not refundable.
- 6 years ago
No one here can tell you that. It depends upon how much you paid into the system for taxes during the year. None of the qualifying things you mention have any effect on your taxes. You most likely will get back all of what you paid in. Check the totals withheld on your next pay stub, and you will have an answer to your question.
- troLv 76 years ago
at 16 you are the dependent of someone unless you have been legally emancipated
your taxable income will be $3700 which will probably be at leas $370 income tax so any refund you get will depend on how much has been withheld, box #2 on your W-2
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- Wayne ZLv 76 years ago
That would depend on how much you had withheld from your pay.
If you make more than $6200, you won't get everything back and Social Security/Medicare are not eligible for refunds.
- JudyLv 76 years ago
The amount they deducted for federal income tax, minus 10% of the amount you made over $6200.