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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29800
Experience:  Taxes, Immigration, Labor Relations
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I am filing 1040 as a single. I was laid off. Can I get fed/state

Resolved Question:

I am filing 1040 as a single. I was laid off. Can I get fed/state tax credits.
Submitted: 8 years ago.
Category: Tax
Expert:  Lev replied 8 years ago.

There is no any special tax credit for being paid off...

However as your income will likely be less than if you were working - your tax liability will be less.

All credits and deductions that you normally use - still may be used.

If you receive unemployment benefits - please be aware - that is your taxable income - and you will receive a reporting form 1099-G for that income.

 

If you need help to estimate your tax liability - please provide your total annual gross income.

 

Customer: replied 8 years ago.

gross - $90,000

401 K - $15,000

------ - - - -- -

 

net $75,000

 

what will be my liability for Fed and State (GA) taxes assuming I take only standard deduction.

Expert:  Lev replied 8 years ago.

Your federal tax liability:

Adjusted Gross Income (AGI) - $75,000

taxable income $75,000 - $5450(standard deduction) - $3500(personal exemption) = $66,050

taxes - $12,856 (minus whatever were withheld from your paycheck)

 

GA tax liability:

Adjusted Gross Income (AGI) - $75,000

taxable income $75,000 - $5000(standard deduction - 2007) = $70,000

taxes - ~$4000 (minus whatever were withheld from your paycheck)

 

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