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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Tax Returns - Owed or Refund - on an Annual Income of $45k

Resolved Question:

I am single and am going to make 45000 this year, Will I owe taxes if I have been claiming 2 on my w-4 all year?
Submitted: 8 years ago.
Category: Tax
Expert:  Merlo replied 8 years ago.

Hello Customer,


Your ultimate tax liability will depend on a number of factors, including such things as whether or not you will be using the standard deduction or itemizing your deductions, and whether or not you contribute to a 401K plan or IRA, etc.


But just on the assumption that you will be filing as a single taxpayer with one personal exemption (yourself), then you would be allowed a standard deduction amount of $5,450 and a personal exemption amount of $3,500 - making your taxable income $36,050. With no other adjustments such as IRA contributions, etc., then you would owe $5,356 in federal tax and $2,372 in Utah state tax.


If you filled out your W-4 form as single with 2 exemptions, then your annual withholding should come to $5,324 on federal and $2,184 on Utah state tax. That being the case, it looks like you might owe the IRS $32, but should get a refund from Utah for $188.00.


Thank you.






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