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Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3346
Experience:  15+ years tax preparation and tax advice.
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Will I pay in or get a refund on $32,000?

Resolved Question:

I made $32,000 this year and would like to know if I will likely have to pay, or get a refund.

Submitted: 11 years ago.
Category: Tax
Expert:  Wendy Reed replied 11 years ago.
Is this salary as an employee? Is that your only income? What is your filing status, do you have any dependents, and are federal and state taxes being taken out of your pay as withholding?
Customer: replied 11 years ago.

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!

Expert:  Wendy Reed replied 11 years ago.

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.

Wendy Reed and other Tax Specialists are ready to help you