sochs
Jan 11, 2010, 10:24 AM
I make $22,000.00 a year and Claim 2 dependants. I have not been getting Federal taxes out since April, to date only $419.50 has been taken out. Will I owe on my taxes this year? Why is this happening? Should I switch my dependants? I am married with one child.
AtlantaTaxExpert
Jan 11, 2010, 12:10 PM
You owe NOTHING, and will be getting a sizable refund.
Your standard deduction is $11,400, and you are getting THREE $3,650 personal exemptions, for a total of $22,350 in exemptions.
Assuming the $22K is your ONLY income, your exemptions and standard deduction EXCEED your income by $350, which means you will get ALL of the $419.50 withheld BACK, plus some part of the $1,000 Child Tax Credit, plus a hefty Earned Income Credit.