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i made 52,278.33 and had 7,038 deducted in income tax will i owe for income tax?
in ontario if one made 52,278.33 had 7,038.00 deduced in income tax will they get a refund or owe
6 Answers
- Anonymous2 years ago
It would depend on your filing status and any other deductions you have. Then there is the issue of state income tax potentially.
in short, not enough information. Assuming you live with no state income taxes and you take the standard $12k deduction, taxable income = $40k roughly. Federal income tax = $4714. You should get a refund.
- Anonymous2 years ago
ask tax preparer people
- Anonymous2 years ago
No one can accurately answer your question. There are many more variables involved in determining your tax liability (filing status, dependents, other income, credits, etc.). A tax return is like a jigsaw puzzle ... you don't really know what it is until all the pieces are in.
- BLv 72 years ago
did you have other income like interest income on savings, or dividends? that would add to the $52278.33.
go to irs.gov and do a preliminary return on your own to figure this out or go to turbotax for free online
