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Tax Returns - Owed or Refund - on an Annual Income of $45k

Customer Question
I am single and am...
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: 9 years ago.Category: Tax
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Answered in 21 minutes by:
9/21/2008
Tax Professional: Merlo, Accountant replied 9 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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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.

 

 

 

 

 

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Satisfied Customers: 9,783
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