Tax Standard Deduction 2008
January 31st, 2009Question: I need help with 2008 taxes?!?
I am trying to see if we will break even this year or if we are going to get a refund for our 2008 taxes. Our total gross wages so far this year together (married) is $73,200. Our federal taxes this year so far is $7912. How can I calculate if we get a refund. No contributions to IRA or anything like that and we would just use a standard deduction. Only contributed $500 towards and Flexible Spending Account. Are we going to have to pay?
Do you have to subtracted the standard deduction (i think it’s 10,900) from our gross and that is our amount for our tax bracket?! Help please!
Answer: 73200
- $500 fsa
- 10,900
- 7000 (for 2 exemptions)
= 54800.
See IRS pub 1040ES for the tax table. Some of your income is taxed at 10%, most of it at 15%. I think you are probably looking at a $500 refund.
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