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I made $32,000 this year and would like to know if I will likely have to pay, or get a refund.
Yes, this is an annual salary, it's my only income, I'm single and no dependents both federal and state are being taken out of my weekly pay.Thanks a lot for your help!
For 2006, with this income, your federal tax liability would be $3,155, and your state would be approximately $473.If you chose single 0, on your W4, you should have about $78 per week coming out of your check for federal tax. If you chose single 1 on your W-4, you would have about $68 per week coming out for federal tax.Therefore, if you chose single 0, you will get a federal refund of approximately $901, and if you chose single 1, you will get a refund of approximately $381.You will get a very small refund from NJ.These numbers are rough estimates, and may be different if you have deductions or credits that I am not aware of. The numbers may also be slightly different if you participate in pretax deductions, such as a 401K program, or medical insurance deductions.