Roughly estimate how much you get back in taxes?

Stinkfist
01-05-2005, 02:27 PM
what's the best way to get a rough estimate of what you'll get back this year in taxes?

lets say your withholding is 1000, is there a set number you can multiply by to get how much you would get out of that 1000?

like with how much will get taken out, you can do the following to figure out your pay:

(Salary / 26) * .6 = 2 week check amount.

DocHolliday
01-05-2005, 02:33 PM
Mine is more like this:

(Salary / 26) * .75 = 2 week take home

No idea how to tell how much I get back though. :(

Stinkfist
01-05-2005, 02:34 PM
Mine is more like this:

(Salary / 26) * .75 = 2 week take home

No idea how to tell how much I get back though. :(
the avg i think is 60%, but i'm not sure. thats what i've always been told to use :).

now, back on the subject of taxes damnnit! Not salary and take home pay :P

NoGodForMe
01-05-2005, 02:35 PM
Tax software is in stores now, and most companies will be delivering the W2s soon.
I just installed Tax Cut 2004 and loaded in last years data. If I really want to, I can take the numbers from my final check of 2004 until my W2 comes next week.
Since Bush won, the numbers should be similar to last year. This is the main reason I voted for Bush. The tax cut stays in place, be thankful for that now. Me? 5k.

Ksera
01-05-2005, 02:35 PM
with all my deductions I will be looking at 4-5k

DocHolliday
01-05-2005, 02:38 PM
How do you figure that out K-sera?

Plus, if you guys don't mind me asking but how much money do you guys make to get that kind of return. Also, do you have dependants or other deductions?

I have 0 deductions that I know of so....

Stinkfist
01-05-2005, 02:43 PM
0 withholdings for me and the wife.

gibsonic
01-05-2005, 02:46 PM
this thread title beggs for a parody, but I will refrain myself.

I hope to get about 3k back this year.

Stinkfist
01-05-2005, 02:48 PM
this thread title beggs for a parody, but I will refrain myself.

I hope to get about 3k back this year.
and what percentage is that of your withholdings. I see everyone saying "I'm going to be getting this back or that back", but how much did the goverment take from you in the first place, and what did you muliply that number by to get the amount you just came to?

Ixiterra
01-05-2005, 02:49 PM
There's pretty much a set maximum of what you can get back, no matter how much you make. The only thing that modifies it is deductions/credits/dependents/etc. If no dependents or anything else, and you make enough to actually owe, you'll get something like $800 back.

gibsonic
01-05-2005, 02:52 PM
and what percentage is that of your withholdings. I see everyone saying "I'm going to be getting this back or that back", but how much did the goverment take from you in the first place, and what did you muliply that number by to get the amount you just came to?

the govt took about 8.6k from me this last year with 0 withholdings. I also do side consulting with my business which allows me to write off quite a bit and I have a fairly substaintial % of my income in charitable giving...and we had another baby in August...based on what i got back last year (2k) that is how i got to an expected 3k for this year.

Stinkfist
01-05-2005, 02:53 PM
the govt took about 8.6k from me this last year with 0 withholdings. I also do side consulting with my business which allows me to write off quite a bit and I have a fairly substaintial % of my income in charitable giving...and we had another baby in August...based on what i got back last year (2k) that is how i got to an expected 3k for this year.
k, thnx.

I'm still looking for an easy way to guess though :). Kinda like you can do with your salaray and figure out your weekly/2 week pay :)

gibsonic
01-05-2005, 02:55 PM
k, thnx.

I'm still looking for an easy way to guess though :). Kinda like you can do with your salaray and figure out your weekly/2 week pay :)

well it's not that simple unfortunately.

you need to know if you will be using the standard deduction or itimizing. you said 0 withholdings? how many dependants do you actually have? if you do a standard deduction, with no dependeants and 0 withholdings you probably won't get much.

SarcaStick
01-05-2005, 02:57 PM
for the time i was there, the job took out 4500 in taxes on me. would be nice to see like 1500 of that come back to moi

Stinkfist
01-05-2005, 03:03 PM
well it's not that simple unfortunately.

you need to know if you will be using the standard deduction or itimizing. you said 0 withholdings? how many dependants do you actually have? if you do a standard deduction, with no dependeants and 0 withholdings you probably won't get much.
guess i'll just have to wait till my W2 comes in and hit H&R block. :)

Ksera
01-05-2005, 03:06 PM
How do you figure that out K-sera?

Plus, if you guys don't mind me asking but how much money do you guys make to get that kind of return. Also, do you have dependants or other deductions?

I have 0 deductions that I know of so....

That is based off my child credit for having a daughter and I can deducte my Intereast from my student loans. Other wise I would break even.

I paid close to 20k in taxes so I better get something decent back.

CelticLegend
01-05-2005, 03:07 PM
~$1500

Fatman
01-05-2005, 03:10 PM
$300 or so. I be poor.