- Something Else
- Dec 27, 2004
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to ride eternal, shiny and chrome
THUNDERDOME LOSER 2022
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I'm 25, single, have health care on my parent's plan, rent an apartment in CA, and made $27k this year from one job. 2k in federal WH, 1700 soc sec WH, 400 medicare WH, 311 for CA income & 270 for CA SDI tax. Why does TurboTax tell me I owe $1 in federal and $4 in state taxes? It seems kind of absurd, and my parents keep telling me that I should be getting a refund with income like mine. Are they dumb or am I doing something wrong?
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Feb 4, 2015 17:45
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May 20, 2024 16:23
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- Something Else
- Dec 27, 2004
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to ride eternal, shiny and chrome
THUNDERDOME LOSER 2022
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...having your tax bill be as close to even as possible is optimal. A refund just means you overpaid during the year.
If you have no deductions (the one that comes to mind might apply is student loan debt), then this makes perfect sense as to why your withholdings are exactly accurate. Your federal tax rate is 7.5%, that seems about correct. You don't have any of the normal situations that would give you tax advantage (owning a home, kids, marriage, etc.)
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Feb 10, 2015 20:23
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Feb 4, 2015 17:45
