- November 3rd, 2010, 12:02 pm
#326780
Example:
Sarah paid $3000 in fed taxes through payroll deductions
Sarah had gross income of 30k, AGI of 19k, and a fed tax bill of $2,850
Sarah also bought a house in Feb 2010 (first time home buyer 8k) and has three kids (3k)
She could get a "refund" for $8,150 which obviously is well above the $3k she put in over the year.
This is a hypothetical but the principals are very real as 47% paid no fed income taxes for 2009.
LUconn wrote:Nobody is paying you money when you get a tax refund. You're getting the money that they've withheld from you back. It's your money that you earned. You're advocating a fee for the right to vote, basically.While this could be possible it is not always the case.
Example:
Sarah paid $3000 in fed taxes through payroll deductions
Sarah had gross income of 30k, AGI of 19k, and a fed tax bill of $2,850
Sarah also bought a house in Feb 2010 (first time home buyer 8k) and has three kids (3k)
She could get a "refund" for $8,150 which obviously is well above the $3k she put in over the year.
This is a hypothetical but the principals are very real as 47% paid no fed income taxes for 2009.
About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization.http://finance.yahoo.com/news/Nearly-ha ... l?x=0&.v=1




- By LU Armchair coach