Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax expert

Customer Question
tax expert
Submitted: 2 months ago.Category: Tax
Ask Your Own Tax Question
Answered in 5 minutes by:
3/26/2018
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,498
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello!

My name is***** will assist you today.

May I have your specific question.

Ask Your Own Tax Question
Customer reply replied 2 months ago
Hi this is the first time im doing taxes and had question if i should go to expert or its better to do it on my own.My total gross income for 2017 was 17400
fed tax 2749.16
Social/Medicare 1,346.40
state 540.32Im filing as single and I live with my parents.
Turned 26 on Feb 20th.
Live in philadelphia, paand how much of a refund can i expect back? If you have any other ques please let me know.
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

For me to determine your exact refund amount, I would have to complete a tax return along with completing several schedules. ---

____

You are able to complete your tax return for free using IRS.Gov.

Below is a link to the IRS Free file

https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

Ask Your Own Tax Question
Customer reply replied 2 months ago
I did tax estimator with HR and block and it came out to 2,000+ is that true or am i doing something wrong? Just estimate wise
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

From what you have shared, the $2,000 looks to be about accurate

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

If you are a single tax payer you will receive $6,300 deduction and a $4,050 deduction minimmally.

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

Therefore, you can deduct from your income of $17,400 - $10350 = taxable income of $7,050.

Your social security would not be taxable at all

Ask Your Own Tax Question
Customer reply replied 2 months ago
I see. So I thought 2,000 was a little high since i hear most people have very little return/having to pay back. Is that based on income? meaning if i had the same conditions but made 100k next year. Will i end up paying the irs?
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

You would be in the 10% tax bracket so taxable income of $7,050 X10% = $705 of tax liablity.

If you paid in "2749.16"-- You would receive back at least $2,000, which doesn't take into account any money for the Earned income credit, which you may qualify for.

Ask Your Own Tax Question
Customer reply replied 2 months ago
Oh so the single tax payer deductible does that change as income rises at all?
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

No, the standard deduction for 2017 single filing tax payer was$6,300 unless you made over $150,000

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

In 2018 the amount will be $12,000--- Thanks to the Tax Cut and Jobs Act Bill

Ask Your Own Tax Question
Customer reply replied 2 months ago
Wow thats really interesting
Customer reply replied 2 months ago
I also had a question on how fed taxes are calculated on my paycheck. What percentage is that based on?
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

When you were hired you would have completed a W4 and with the W4 you would have determined your withholding amount.

The W4 was also just updated by the Tax Cut and Jobs Act Bill so the amount withheld this year will be different then they were last year.---- Sorry, that I can't give you a clearer picture then this for withholdings.

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

The W4 is a calculation of withholding based on your filing status, income, etc... There is a worksheet the IRS put out that goes from A- H and then more depending on your specific situation.

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

Ask Your Own Tax Question
Customer reply replied 2 months ago
Is there link to that worksheet. Because i dont recall doing a w4
Customer reply replied 2 months ago
I mean regardless how i may pay federal taxes the refund will correct and excess i pay right?
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

https://www.irs.gov/pub/irs-pdf/fw4.pdf

Page three is the worksheet

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

If I am understaning your correctly, yes, the end of the year you will reconcile your tax liablity with the amount that you have already paid in either through withholding in your pay check or if you paid estimated taxes.

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

When you have no further questions please take a moment to accept the answer.

Thank you

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Chad EA, CFP ® Your Own Question
Chad EA, CFP ®
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,498
2,498 Satisfied Customers
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

Chad EA, CFP ® is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I would like to know how to estimate my federal taxes for my
hi, I would like to know how to estimate my federal taxes for my new financial status this coming year. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Are SREC's (Solar Renewable Energy Credits) taxable income?
are SREC's (Solar Renewable Energy Credits) taxable income? What if you have not yet finished payments on your solar panels? … read more
taxmanrog
taxmanrog
Master\u0027s Degree
968 satisfied customers
Filed form 1040 form took the standard deduction, I am now
filed form 1040 form took the standard deduction, I am now filing the new york state, … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I filed my state and federal taxes electronically and then
I filed my state and federal taxes electronically and then realized that I accidentally omitted something that significantly changes my refund from the federal and my payment to the state. I need to f… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,238 satisfied customers
On line 17, Form 1120 ,C Corp Federal Tax return are state
On line 17, Form 1120 ,C Corp Federal Tax return are state corporate income taxes deductible.If I am doing my Federal C Corp returns for 2017 are the state corporate income taxes due but not paid yet … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,238 satisfied customers
Second opinion], I understand there is a standard deduction
Second opinion] Hi Richard, I understand there is a standard deduction of 10,300. I am a new business start up and don't know much. I think if I use this I am not allowed to use important itemized ded… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is there a standard deduction for social security. My and my
Is there a standard deduction for social security. My and my wife's total ss was 44534.00. She has $1324.00 if other W2 earnings. I have some consulting fees that will not go on Form 1040. … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
111 satisfied customers
Have always taken standard deduction in past, but lots of
Have always taken standard deduction in past, but lots of special circumstances this year. If I could please have list, and then know where to research any details after master list. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,238 satisfied customers
Can I take mortgage interest and the standard deductions?
Can I take mortgage interest and the standard deductions? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
What is the amount of Standard Deduction for Single tax
What is the amount of Standard Deduction for Single tax filer NJ … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My son has income less than standard deduction, but it shows
my son has income less than standard deduction, but it shows he owes taxes? … read more
abci168
abci168
Principal
27 satisfied customers
What is the Standard Deduction for 2017 taxes? My husband
What is the Standard Deduction for 2017 taxes? My husband and I are each over 75 years old, and have learned that we do not need to file is our non-Social Security income is less than the Standard Ded… read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,896 satisfied customers
In 2018 can I take the standard deduction (24000 file
In 2018 can I take the standard deduction (24000 file jointly) and take property taxes and morale interest. … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I entered the federal tax withholding as my state tax
I entered the federal tax withholding as my state tax withholding. I discovered my error after I received my refund check. I actually owe $178. How do I send back the refund money? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,238 satisfied customers
Turbo tax suggested using standard deductions because of
turbo tax suggested using standard deductions because of lack of deductions (return of $1867). I reviewed my deductions and found two I missed, this increased my return to $2963. Some how the standard… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
129 satisfied customers
The standard deduction is 12,700 for married filing jointly
The standard deduction is 12,700 for married filing jointly why does the 1040 form say 4050? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,238 satisfied customers
Can I submit the federal taxes with an itemize deduction and
Can I submit the federal taxes with an itemize deduction and the state with a standard deduction form? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
How does applying the standard deduction, or any itemized
how does applying the standard deduction, or any itemized deductions, impact your federal tax bracket? the top end of the 15% tax bracket is $75,900 for married filing jointly and the standard deducti… read more
Carter McBride
Carter McBride
LLM
1,128 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x