Hi guys for past several weeks I've been doing taxes and searching for answers. Most of my life I've been making okay money then I got sick and 2015 was my first year back to workforce. Now please don't laugh at my check but unfortunately it's less than a half but I used to but who cares , next year will be better. Now here is the question.
Let me Give you numbers first:
Now no matter what I owe money. I mean even making a lot more for some reason I never paid I always put. 0 when get hired in the office (0 for no dependents/ single no married) And never really had any problem or owed anything.
Here is what TurboTax is telling me and break down of numbers.
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Income:
Amount we start with for New York (federal adjusted gross income) - $32,520
What we can subtract - Standard deduction - $7,900
Amount taxed by New York = $24,620
Taxes:
Starting amount $1,253 - City of New York Resident Tax + $795
Money they give you back (credits)
- NYC School Tax Credit - $63
Money you already gave them (tax payments)
- State Tax Withholding - $1,405
- NYC Tax Withholding - $111
Taxes You Owe = $428
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Can anyone please explain to me what happened ? I mean I am giving too little is that what is happening ? I mean If so , WHY is it happened to me ? Like I said before at all of my previous jobs when asked I always put 0 in dependent area and that I am single. That was it. They take maximum amount comparing to someone with +1 dependent or married.
I made $32520, why they deducting $7900 to make my actual taxable income $24620 ,why is it not more ... or less.
And then what's with Standard and then on top of it NYC tax ? What's that + 795 for ?
Can anyone explain and may be suggest on what to do because I am very confused.
Thank you !!
On this return I do receiving around $1500 refund from federal, so after -500 of state I'll end up +$1000 not too bad considering ....