How can you predict how much you'll get back?
January 18, 2010 10:08pm CST
Is there a certain equation that you can do or something? Can you ever guess the APPROXIMATE amount you'll get back through tax refunds? I claim zero at both of my jobs and I'm curious to know how much I'll get back so I can start PLANNING (on how I'm going to spend that money of course lol). Is there any way?
• United States
19 Jan 10
Hi maezee. There probably is a way and it is easier for those who are not self-employed. I'm self-employed and last month I thought I might even owe taxes. Then, when I was in the library the other day I glanced at some tax papers and saw there was a new credit---I think it is called "Make Work Pay." I'm hoping that will get us a refund. For state taxes, I'm not sure.
19 Jan 10
Here in my country, the company automatically deducts taxes every payday. If there will be questions about it, then they are very glad to help out. For me, I haven't updated my file (ex. increase my dependent) so I don't expect a tax refund these January. Taxes here by ordinary employees are deducted in their salary so there no way one can cheat on the government. Whereas those big companies can do some manipulations on their annual gross earnings and get away with it.