Friday, May 6, 2011

How much will my tax return be.?

I live in florida and have a wife and two children. My wife does not work and all three are dependants. I will have earned 58K in income while paying out 22K in taxes for relocation, and other including health insurance, dental, 40K, and life insurance. We rent our home and have no other assets. What will my tax return be
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A 1040. A return is the form you file. You either owe or you don't. If you don't, that's a REFUND. Honestly, I don't know. $58,000 AGI (this needs to be less anything withheld for 401K and anything withheld pre-tax for medical). 10,900 married deduction. 14,000 exemptions 33,100 taxable income 4175 in income tax. How much did you have withheld for FEDERAL income taxes? Not FICA, Not MC, Not 401K, Not retirement, Not Medical.
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