When you file a tax return, is it only federal income taxes that you can get back?
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I'm filing my 2011 Tax return and I'm really confused as to how it works. I earned under 5000 so I know I don't owe any more taxes. I know that you get some taxes back that were withheld from your paycheck. But is it only federal taxes you get back??
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Answer:
Yes, YOU only get [ ALL OF ]your federal income taxes that were withheld { FIT w/h } back. Not Fica or medicare. But adults, given various circumstances, can also get CREDITS meaning that they get back more than their FIT w/h thanks to government programs to spread money around. P S - maybe state taxes, depending.....
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Other answers
I don't know where you come up with $5000 but if you are a dependent and your income is $5800 or less, if you had any income tax withheld, in box # 2 on the W-2 you would file to get that refunded(a 1040EZ will do) if you are single and no dependents, your non taxable income is $9500, and the same applies as above if you are 25, you might be eligible for some EIC if this income you made is self employment income that is another matter but since you are asking about taxes withheld from your paycheck this would not apply
tro
You can also get state back. These are the income taxes. Social security and medicare are payroll taxes and not refundable.
Cathi K
At age 18, you are most likely a dependent. If your W-2 is less than $5800, you won't owe, but all you would get back is the amount shown in box 2 of the W-2.
Quick Answers
for a federal return, you get back federal. For state, state. FICA taxes are not refundable, and usually city taxes are not either.
Yes, that is correct. If you earned only $5,000 you should get 100% back, assuming you had some withheld.
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