How can i calculate my income tax?

Question

I am 19 years old and single and i make 1054.05 a month how can i find out much i will get back on my income tax.( i live in Mississippi)

Answer 1

You didn't give enough info.

You'll need to know you income for the year, take a look at a 1040 form to get an idea what is considered income.

Are you filing single?
What is your total withholdings?
Number of dependants/exemptions?  I assume 1 because of your age
Are you itemizing or taking the standard deduction? I assume standard

1054.05*12 = 12648.60
12648.60 - 5450 = 7198.60 - 3500 = 3698.60
Taxes you would owe based on this is $368
Subtract this number from what you withheld the difference is what you owe or will get as a return.

irs.gov

As for state do you have a state income tax?

Answer 2

Turbo Tax and HR Block websites have estimation calculators you could use.

Answer 3

If you are not a dependent, then your deductions are $8,950. If you make $12000 in the year, your taxable income is $3050. Your federal income tax is $305. You may also get stimulus rebate if you did not get on the basis of 2007 tax return.

Read http://taxipay.blogspot.com/2008/04/list…

Answer 4

HRblock has a good calculator you can use on their website.  My return is always the same as the calculator every year that I do my taxes.