Posted by: Tax services August 27, 2015
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collegefootballrocks,
The app total tax based on the information provided will be $5,287.5. You get a child tax credit of $1,000 for your daughter. That means now your tax liability is $5287.5- $1,000= $4,287.5
Also deduct the federal witholding from your w2. Let say your federal withholding in w2 is $5000, then you will get ( $4287.5-5000=$712.5) $712.5 as a refund from IRS. If you paid federal withholding less than what you owe, in this case $4,287.5, then you will pay taxes in whatever is difference. For eg your federal withholding was $4000 instead of $5000. You will pay $4,287.5- $4,000= $287.5 to IRS in taxes.
Hope this helps.
The app total tax based on the information provided will be $5,287.5. You get a child tax credit of $1,000 for your daughter. That means now your tax liability is $5287.5- $1,000= $4,287.5
Also deduct the federal witholding from your w2. Let say your federal withholding in w2 is $5000, then you will get ( $4287.5-5000=$712.5) $712.5 as a refund from IRS. If you paid federal withholding less than what you owe, in this case $4,287.5, then you will pay taxes in whatever is difference. For eg your federal withholding was $4000 instead of $5000. You will pay $4,287.5- $4,000= $287.5 to IRS in taxes.
Hope this helps.