I am doing my taxes by myself for the first time, and I heard somewhere that your state income taxes can be a write off on your federal income tax. Is that true?
Posts tagged ‘Federal Tax’
Say for instance that my 2006 taxes are fully paid.
Yet for 2007 after I file for my return next year in april that it turns out I underpaid by 2000 dollars.
Will I owe the IRS a penalty for this?
Second senario.
Say that for 2006 my taxes are fully paid.
But for 2007 I am also getting a tax return of around 100 dollars because of all my deductions such as charity, real estate tax and interest etc. Even though I technically underpaid the IRS before the deductions, after the deductions are accounted for I still have a return.
Will I owe any penalty for underpaying before the deductions are accounted for?
Please let me know what my consequences are for both senarios.
In california i work at ralphs
and i work 25 a week for 7.60
How much federal income tax, ssa tax, other taxes, and union fees will go out in total?
How much will i get back for income tax return?