when comes to asking, how much tax will get back; subtract your regular tax, by tax paid on the current year, and that’s where you’ll find; “how much tax will get back “.
clear definition
if you tax holder, and you pay tax; to the government every year. The annual tax payment is called a regular tax. however, in the current year: if you paying more tax than the previous year.
than tax paid amount; more than your previous year is called a tax refund. if you are single, and you have a personal deduction. then your tax exemption is; let’s say. two thousand dollars per year. which means, subtracting your —- all expenses and exemptions from your income.
then your, remaining balance is; taxable income. if your current tax is more than the previous year’s tax. then you’ll have, a tax return (or get backtracked. so, still, some of the people didn’t understand. how much tax will get back . to make you: more clear. let’s take a look, at the example below.
how much tax will get back; if you single
for example, this is for single; who want to know. how much will get back on your tax? So let’s begin. if you have having year’s income, of sixty thousand dollars. and your total year expense is; let’s say 25,000 dollars. then, your tax exemption per year is $4000.
if you don’t know; what is a tax exemption; then click here to learn, more about tax exemption. As a result, if you subtract the expense 25000$; and the exemption 4000$ by total income, of sixty thousand dollars. then your remaining income is 31,000$.
let’s say, your regular income tax is 45000$. and you pay 23% tax, which is 4500$ but this year, you paying less than that. so, there is no tax back (or) refund.
now let’s change the expense a little bit, the expense is 4000$. and exemption also 4000$. if you add and minus these two things, with your total income of sixty thousand dollars. then your ; remaining income is 52,000$ .
we know that; you pay a regular tax of 23%. which is four thousand five hundred dollars. but if you pay tax— on 52,000$ in the current year. then your tax amount is 11960$.
now minus regular tax 4500, by 11950$. you’ll find your; refund amount. which is 7460 dollars. so now I think — you understand clearly. and we will see, another example. if you’re married, then you completely understand . how much tax will get back (or) refunded.
how much tax will get back; if you join
the same things, apply here Let’s say, your income is $120,000. and you’re having 3 children. find your tax exemption and expense? let’s take a look; step by step.
let’s say the tax exemption — is 4050$ per person. and your family deduction; is thirty thousand dollars. however you have three children, and with you; four people.
if you calculate tax exemption, for four people, multiply the 4050$ by 4, and you get a total exemption is: 16200$, and your total expansion, is thirty thousand dollars.
if you minus, your total expansion of 30,000 dollars, and the exemption is 16200 dollars. from your total income of 120,000 dollars. then the remaining income is taxable. which is 73800 dollars.
moreover, let’s say, you paid a regular tax of; 12000$ in 50000 $ 500,000. but in the current year, you paying a tax of 73,800 dollars. then your tax is —- 17,712 dollars. which is more than, the previous year.
so if you minus the current tax, by the previous year’s tax, then 5712 tax dollars. get back to you, which is called a tax refund.
every government has different tax exemptions; rules, and regulations. they have a certain amount, of exemption per person. so before doing the calculation.
check your own country, internal revenue service website. so now; I think you’ll know. how much tax will get back; in your income.