Posted by: Tax services August 27, 2015
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collegefootballrocks,
1. You will get a child tax credit of $1,000
2. You will get deduction of $24,600
Your taxable income will be $ $41,400. Which means you will be taxed at this amount.
Total tax = $5287.5
You will pay or get refund of app ( $5287.5-1000-federal withholding)
Thus you can check whether you will pay or get money back based on your federal withholding.
Hope this helps.
1. You will get a child tax credit of $1,000
2. You will get deduction of $24,600
Your taxable income will be $ $41,400. Which means you will be taxed at this amount.
Total tax = $5287.5
You will pay or get refund of app ( $5287.5-1000-federal withholding)
Thus you can check whether you will pay or get money back based on your federal withholding.
Hope this helps.