Do we get taxes back or what?
 

Hi, I started working recently, making around 430 a week. After taxes it goes down to 370 or so, so I was wondering if we get these taxes at end of year, or what goes on with that?

Re: Do we get taxes back or what?
 

Tax season starts on January 31st and ends April 15. You started working this year that means you can expect to file taxes next year for whatever you make this year.

You are expected to pay your share of taxes. This is calculated by looking at your total year income and subtracting deductions then that number is compared to what tax bracket you belong to. If you paid more in taxes than what is expected, that's when you get a refund.

Re: Do we get taxes back or what?
 

I got around $800 combined

Re: Do we get taxes back or what?
 

You can get some back depending on how much you've made and how much they took out. This would just be the federal income taxes and not SS or Medicare....at least not until you're 65. Maybe.

You could also owe money.

Re: Do we get taxes back or what?
 

Apparently I will owe 15% of what I will make by the end of this year, not much btw... I should owe 10%, right??

Re: Do we get taxes back or what?
 

or what.

Re: Do we get taxes back or what?
 

Hahaha I don't know why but this answer is the best so far.

Re: Do we get taxes back or what?
 

I agree with Malignon. You can get a tax refund if you have paid more from the expected tax you must pay.

Re: Do we get taxes back or what?
 

It usually varies depending on how you choose to pay taxes. If you claim 0 on your W-4, they take more out of your paycheck but you get money in return at the end of the year. The higher the number you claim on your W-4, the less they take out of your paycheck. But you run the risk of getting no money or end up owing the IRS money.

For the most part, people pay the same amount of taxes within your tax bracket. It only varies on how you choose to pay them and then you throw in tax credits such as children, school, home owners, etc.

Re: Do we get taxes back or what?
 

If your withholding amounts on both the federal and state returns are larger then your actual tax liability after all your exemptions are taken into consideration then you will receive a refund. Its also possible you might qualify for different credits that would add to your potential tax refund!
P.S. I am a Tax Pro at a large Tax Company for this Tax Season. ;)