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Federal Tax Question

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Ralph Said:

income tax question . is 3750$ as federal income tax withheld high for earnings of 17000$?

We Answered:

Way too much if you mean just Fed. tax withheld. It shouldn't be more than around $2500 (15%).
The amounts are on your W2's. That's what is submitted to the IRS by your employer and the figures you are to submit with your return. If you think they printed your W2 wrong, check your pay stubs for last year to compare. If the numbers are wrong, talk to your employer or contact the IRS.

Ruby Said:

I have a tax question. If a person works for a public library, where they do not withhold federal income tax,?

We Answered:

The retirement money might get you a savers credit depending on your income. I worked for a public library and they withheld taxes. You must have filed exempt.

Andre Said:

US federal income tax question—minor with income?

We Answered:

No, do NOT include his earnings in your income.

He files his own return. Make sure he checks the box that he can be claimed as a dependent. Since he earned less than $5350, he will receive a refund for all federal income tax withheld.

He can use Free File to prepare and e-file his taxes free online:

http://www.irs.gov/efile/article/0,,id=1…

Diane Said:

I have an Federal Income Tax question?

We Answered:

The extra income is $1000. The extra tax is $249, so the marginal rate on that income is $249/$1000 = .249 or about 25%.

The marginal rate means the percent of tax paid on the next dollar of income you have.

Willard Said:

Federal Housing Tax Credit Question - Joint Ownership of Primary Residence?

We Answered:

Nope. You are not both first time buyers under the law. Your husband's part ownership of your home kills it. Had you not lived there at any time in the past 3 years you would have been OK but that's not the case.

Rene Said:

My question is about the upcoming tax incentive check being sent out by the federal government.?

We Answered:

This has nothing to do with your tax refund. This is just money being handed out in an effort to stimulate the economy. Too bad it's really putting us further behind, since we had to borrow the money from China! Oh, well. Your Ad Here

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