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Old 09-10-2012, 03:48 PM
 
2,608 posts, read 2,913,288 times
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I realize it's a few months away yet, but I have unique situation and I'm trying to plan ahead and figure out a ballpark number I'll get on my tax return.

I'm in sales and I changed jobs this year.

From Jan - March I had a sales job that paid $35,000 a year base salary (~3,000/month)

* I had a rare insane sales month where I made $15,000 in January, however I was taxed at a much higher rate than normal and I really only recieved about $7500 after taxes.

I started a new job from April - present that pays $52,000 a year (~4,300/month) and don't expect to make much comission until next year.

So in total for the year I would have made ~60,000 (15,000 + 6,000 + 38,700). I'm guessing since I was taxed heavily that one month in January for the large commission check I should get a good chunk of that money back. Any tax experts here know how much money I can expect to get back next year on my tax return?

I am single, no kids, no dependents, not a dependent of anyone else, no home, no loans of any kind (no student loans).

Any help is appreciated.
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Old 09-10-2012, 09:34 PM
 
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You'll pay roughly 17000 in taxes including Fed/State/SS/Medi
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Old 09-11-2012, 07:54 AM
 
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Even to give you an aducated guess one need to know how much are the withheldings of your 35K and your 52k salary.

Your case is very easy and straight forward. How is a hint for you to do it. First, find the Adjusted gross income. This is 60K minus exemption and deduction as well as what you paid for SS/Medi. Then apply the tax for each bracket. For example, for the first 8700, 10% and so on. In my "back of the envelope" calculation you Fed tax is around 8 to 9K. I don't know where you live, so you have a state tax to account to. It looks you will get back some money
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Old 09-11-2012, 01:01 PM
 
Location: Chicago (Albany Park)
655 posts, read 1,438,682 times
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Quote:
Originally Posted by MeInDenudinFL View Post
Even to give you an aducated guess one need to know how much are the withheldings of your 35K and your 52k salary.

Your case is very easy and straight forward. How is a hint for you to do it. First, find the Adjusted gross income. This is 60K minus exemption and deduction as well as what you paid for SS/Medi. Then apply the tax for each bracket. For example, for the first 8700, 10% and so on. In my "back of the envelope" calculation you Fed tax is around 8 to 9K. I don't know where you live, so you have a state tax to account to. It looks you will get back some money
You mean taxable income. And it has nothing to do with FICA/Medicare taxes, you don't get to deduct those when figuring your taxable income.

OP, here's a rough estimate for federal tax:

Adjusted Gross Income = 60,000
Less standard deduction* = (5,950)
Less personal exemption* = (3,800)
Taxable Income = 50,250
Income Tax* = 4,867.50 + 25% x (50,250 - 35,350) = 8,592.50

So, take your total federal income tax withheld and subtract 8,592.50. If the answer is a positive number, there's your refund. If it's negative, you owe.

* See 2012 Form 1040-ES for standard deduction, personal exemption, and tax bracket information
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Old 09-12-2012, 12:36 PM
 
2,608 posts, read 2,913,288 times
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Quote:
Originally Posted by Thepreacherswife View Post
You mean taxable income. And it has nothing to do with FICA/Medicare taxes, you don't get to deduct those when figuring your taxable income.

OP, here's a rough estimate for federal tax:

Adjusted Gross Income = 60,000
Less standard deduction* = (5,950)
Less personal exemption* = (3,800)
Taxable Income = 50,250
Income Tax* = 4,867.50 + 25% x (50,250 - 35,350) = 8,592.50

So, take your total federal income tax withheld and subtract 8,592.50. If the answer is a positive number, there's your refund. If it's negative, you owe.

* See 2012 Form 1040-ES for standard deduction, personal exemption, and tax bracket information
How do I find my "Federal Income Tax Withheld"? I didn't choose to have any extra amount withheld or anything, just whatever the Federal Government normally takes out. How can I find out that number?
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Old 09-12-2012, 02:12 PM
 
Location: Village of Patchogue, NY
1,066 posts, read 1,163,710 times
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Quote:
Originally Posted by cdubs3201 View Post
How do I find my "Federal Income Tax Withheld"? I didn't choose to have any extra amount withheld or anything, just whatever the Federal Government normally takes out. How can I find out that number?
It should be on your paycheck, look at your old ones, too.
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Old 09-12-2012, 06:45 PM
 
Location: San Francisco, CA
7,817 posts, read 4,527,967 times
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Quote:
Originally Posted by cdubs3201 View Post
I realize it's a few months away yet, but I have unique situation and I'm trying to plan ahead and figure out a ballpark number I'll get on my tax return.

I'm in sales and I changed jobs this year.

From Jan - March I had a sales job that paid $35,000 a year base salary (~3,000/month)

* I had a rare insane sales month where I made $15,000 in January, however I was taxed at a much higher rate than normal and I really only recieved about $7500 after taxes.

I started a new job from April - present that pays $52,000 a year (~4,300/month) and don't expect to make much comission until next year.

So in total for the year I would have made ~60,000 (15,000 + 6,000 + 38,700). I'm guessing since I was taxed heavily that one month in January for the large commission check I should get a good chunk of that money back. Any tax experts here know how much money I can expect to get back next year on my tax return?

I am single, no kids, no dependents, not a dependent of anyone else, no home, no loans of any kind (no student loans).

Any help is appreciated.
Just use the withholding calculator on the IRS website. It will do the math for you if you put in the info and tell you about projected refunds or payments at fiscal year end.
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Old 09-13-2012, 02:25 PM
 
2,608 posts, read 2,913,288 times
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Okay, got some official numbers:

Across both companies:

Total Earnings YTD: $45,960 as of Sept 2, 2012

Total Federal Income Tax Withheld YTD: $8,474.62

I should make at least another $17,000 pre-tax by the end of the year, that's salary, not comission so I could make another few thousand in commission as well.

Based on the tax rate I calculated from my paycheck, I should pay another $2,460 in Federal Income Tax Withheld.

That would put me at about $62,960 by year end in earnings, and estimated $10,935 in FITW.

Would that mean I stand to get about $2,000 back in tax returns? Because I feel like I should be getting back more than that.
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Old 09-14-2012, 07:02 AM
 
Location: Chicago (Albany Park)
655 posts, read 1,438,682 times
Reputation: 529
Quote:
Originally Posted by cdubs3201 View Post
Okay, got some official numbers:

Across both companies:

Total Earnings YTD: $45,960 as of Sept 2, 2012

Total Federal Income Tax Withheld YTD: $8,474.62

I should make at least another $17,000 pre-tax by the end of the year, that's salary, not comission so I could make another few thousand in commission as well.

Based on the tax rate I calculated from my paycheck, I should pay another $2,460 in Federal Income Tax Withheld.

That would put me at about $62,960 by year end in earnings, and estimated $10,935 in FITW.

Would that mean I stand to get about $2,000 back in tax returns? Because I feel like I should be getting back more than that.
And why is that?

Look, based on those numbers you would have a total tax bill of $9,332.50. So that means on total income of $62,960 your effective federal income tax rate is a little less than 15%. Your FICA/Medicare taxes would be about $4,800, and then whatever state income tax is withheld on top of that. So maybe a little more than 25% of your gross pays your total tax bill on your earnings. Sounds like a pretty sweet deal compared with the rest of the world.

BTW if your numbers are accurate, your refund will only be about $1,600.
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Old 09-14-2012, 08:54 AM
 
2 posts, read 44,263 times
Reputation: 12
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