I am a single parent with 2 children I earn 24,000 per year,?
I claim 6 withholding allowences, this year my employer is not taking out any federal, last year they did ( total) and I got a reasonable amount back this year on taxes, I am concerned that if no federal taxes are taken this year will I end up paying Uncle Sam in the end.?
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Tagged with: Back Taxes • federal taxes • Single Parent • uncle sam
Filed under: single parent adoption
If you are claiming both children and file for EIC (earned income credit), you will still not owe any money. At $24,000 per year with dependents, your tax liability is nothing. Check out http://www.hrblock.com and go to calculators. You can estimate your tax liability there.
the best case scenario is to neither pay or get a refund (be as close to zero as possible)
if you got a refund and nothing will change substantially, then you have nothing to worry about….however, you can fill out a new w4 and put on it that they should take out an extra amount every paycheck if you really want to have more deducted now.
You’ll get more from EIC that your income tax bill will be, so aren’t going to owe anything although your refund will be smaller than last year.