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I grossed around $30,000 this summer and net $23,000. How much will I get back? Thank you in advance.

my guess... around 4-5k

mvp99 wrote:my guess... around 4-5k

Thank you. Any people with previous summer associate(ships) want to chime in?

Depends on your income for the year

Go use an irs calculator

Danger Zone wrote:Depends on your income for the year

Go use an irs calculator

Thank you. No other income for the year. Just Uncle Sam's 7% interest loans.

I think I got around $5k back.

Google the irs withholding calculator. It should tell you.

delete, duplicate, bah.

As far as actual deductions , so far I can think of:


2k credit for lifelong learning credit = 2k cash
2.5k ATLine for student loan interest paid (Must pay 2.5k on your loans to claim) = $375 @ 15% marginal rate
standard deduction if single: 6300 @ 15% = $945


Don't know anything about NYC/NY State taxes




Firm already taxed me as if making 33k for the year but only received 21,725 of 33k net..

Youngins take note: for future reference, the exemptions are there for a reason, and you should claim a shit ton of them for summer work

Anonymous User wrote:As far as actual deductions , so far I can think of:


2k credit for lifelong learning credit = 2k cash
2.5k ATLine for student loan interest paid (Must pay 2.5k on your loans to claim) = $375 @ 15% marginal rate
standard deduction if single: 6300 @ 15% = $945


Don't know anything about NYC/NY State taxes




Firm already taxed me as if making 33k for the year but only received 21,725 of 33k net..

Lesson to future SAs - adjust your withholdings with precision! You missed out on thousands more dollars in cash you could have been blowing on hookers all summer long because you probably just took two allowances on your W2s.

Did you come in this thread solely to post exactly what I post right after I post it

Danger Zone wrote:Did you come in this thread solely to post exactly what I post right after I post it

Great minds think alike, but some hands are just faster apparently. The bottom line is we are both awesome, or at least one of us is.

I might be totally brain dead, but does that simply mean increasing the number in box 5?

https://www.irs.gov/pub/irs-pdf/fw4.pdf

Is there any post tax refund benefit to exemptions? The "forced savings" seem useful.

Anonymous User wrote:I might be totally brain dead, but does that simply mean increasing the number in box 5?

https://www.irs.gov/pub/irs-pdf/fw4.pdf

Yes

Anonymous User wrote:Is there any post tax refund benefit to exemptions? The "forced savings" seem useful.

I don't understand your first question, but to the second, I mean, maybe if you have no self control. Otherwise you could have it yourself, earning interest somewhere, or making a Roth contribution that you couldn't otherwise make that year. Why would you give the government an interest free loan of thousands of dollars for nearly 8 months?

Could someone explain to this ignorant SA-to-be what other exemptions a single, split-summer person can be claiming other than Entering "1" in "A" and "B" on the personal allowances section? Trying to avoid the whole lose-out-on-more-money thing.

Anonymous User wrote:Could someone explain to this ignorant SA-to-be what other exemptions a single, split-summer person can be claiming other than Entering "1" in "A" and "B" on the personal allowances section? Trying to avoid the whole lose-out-on-more-money thing.

The worksheet is solely for your benefit. You can just write 15 exemptions or however many you need in the bottom line. They don't need to be attributed to anything.

Danger Zone wrote:

Anonymous User wrote:Could someone explain to this ignorant SA-to-be what other exemptions a single, split-summer person can be claiming other than Entering "1" in "A" and "B" on the personal allowances section? Trying to avoid the whole lose-out-on-more-money thing.

The worksheet is solely for your benefit. You can just write 15 exemptions or however many you need in the bottom line. They don't need to be attributed to anything.

Yea, you can include multiple jobs on the IRS's witholding calculator.

I took a zillion allowances, so had about $50 withheld. Got 100% of it back. May have had slightly more write offs than an average kjd but meh. You should be able to get most of it

Yeah, the calculator took into account the job I'll have in the fall, and gave me a mess of allowances for the summer, but told me to take 0 for the fall. I'll probably take a couple less than it suggests then take 1 or 2 in the fall once I know my hours, because the fall hours aren't set yet, so that income is an estimate.

I claimed 20 exemptions and I still got a pretty large refund.