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Submitted: 4 months ago.Category: Tax
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3/26/2018
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 months ago
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,756
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified

Hello!

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

May I have your specific question.

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Customer reply replied 4 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, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 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

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Customer reply replied 4 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, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 months ago

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

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 months ago

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

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 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

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Customer reply replied 4 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, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 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.

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Customer reply replied 4 months ago
Oh so the single tax payer deductible does that change as income rises at all?
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 months ago

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

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 months ago

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

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Customer reply replied 4 months ago
Wow thats really interesting
Customer reply replied 4 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, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 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.

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 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.

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 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!

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Customer reply replied 4 months ago
Is there link to that worksheet. Because i dont recall doing a w4
Customer reply replied 4 months ago
I mean regardless how i may pay federal taxes the refund will correct and excess i pay right?
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 months ago

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

Page three is the worksheet

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 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.

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 months ago

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

Thank you

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