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Doing my husbands tax, he grossed $58608 and paid $11.994 s

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Hi :) doing my husbands...
Hi :) doing my husbands tax, he grossed $58608 and paid $11.994 his return is saying he will only get approx. $341 back can you explain what would be the reason for this?
Submitted: 1 year ago.Category: Tax
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Answered in 9 hours by:
7/28/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,871
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

The reason is his tax rate and income.

The withholding just covered the true tax liability. The tax would be the 32.5c on the amount over $37000 ($7022.60) plus the $3572 which is $10594. He receives the difference back.

The tax rates are below

0 – $18,200 tax rate is Nil

$18,201 – $37,000 tax is 19c for each $1 over $18,200

$37,001 – $80,000 tax is $3,572 plus 32.5c for each $1 over $37,000

$80,001 – $180,000 tax $17,547 plus 37c for each $1 over $80,000

$180,001 and over $54,547 plus 45c for each $1 over $180,000

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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,871
15,871 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

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