Saturday, December 17, 2011

How much can an average person expect to get back on their tax returns?

What can the average person expect to get back on tax returns if they made $25,000 for the year? No actual write offs or anything. I know there are many variables, but what would it be on average?|||$0. A tax return is the paperwork filed.





As for money owed vs. money withheld....$25,000 - $5700 - $3650 = $15,650 of income. Tax is about $1930. Less MWP credit of $400, so they owe $1530. If their withholding is MORE than that, they get the excess back as a refund.|||What you get *BACK* depends on what you have paid *IN* in the first place. The concept of "average" simply doesn't apply when it comes to taxes.



If a single person earns $25,000, their taxable income would be $15,650. The tax on that would be $1925. They'd subtract $400 for the Making Work Pay credit, so their taxes due would be $1525.



What they get back would be the amount they had withheld, minus $1525.

No comments:

Post a Comment