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    privatesean's Avatar
    privatesean Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Oct 14, 2008, 08:54 AM
    Taxes for 2008
    I received a military bonus for $20,000, and already received $10,000 of it. The bonus got taxed 25%. I have made $29,000 this year so far, and $9,050 have gotten taken out for taxes so far. Do you think that I will get some of the money back. Or can somebody help me by figuring out if I will make anything this year for my tax return. Hope to hear from somebody soon.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Oct 14, 2008, 08:59 AM

    First, your bonus and salary has not been taxed YET. What has happened is amounts have been withheld to be applied towards your tax liability. That liability will be determined when you conmplete your tax return in April. You can get one of the tax prep programs which allow you to do What If scenarios to predict what your liability will be and whether you get a refund or not.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Oct 15, 2008, 12:58 AM

    For Single, without dependent, with standard deduction, the federal income tax for 2008 on income of $29,000 is $2606.
    SS tax and Medicare tax is $2218.
    So will have a refund.
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