hello every1,
well, i got laid off this year back in May 15, 2002.
So now the job market for IT people have not been great.
So this is where it boils down to. I just want to make sure i don't pay any tax out this year.

well, the total income was like in the mid 50s. However, i have enuff deductible to bring my taxable income to a few thousand.

So here is the main question. I looked at my last paycheck and the ytd taxes taken out of my paycheck looks about 8k in federal, medicare, ss etc.
since my taxable income is gonna be like around 3 or 4k, does that mean i will get most of my 8k in taxes i have paid back?
or is it like, u paid it buddy and u ain't getting it back.

sorry for such dumb question, i am a network engineer not a tax accountant. Just want to know. I will consult my tax accountant this weekend.

PLease please please let this money come back to me for some mods and some financial help.
it would be so nice to get my own money back. :-)

LIL Raja

 

You'll get it back... without interest. IRS is evil.

Really. I mean if you owe tax, you need to pay interest. However, if they owe you money, they return it to you without interest. At least that how I've been told it is.

Why did you post this in the corner anyway?

 

* You only have to pay interest if you owe above a certain amount though, I think.

 

cuz i don't want to waste people's time by posting on main page.
i thought it was of topic.

oh man, what a relief. I just want my 8k back, i would be more than happy. :-) I am gonna take my whole family and my accountant's family out to somewhere nice once i get the money.

the market is so bad that 8k would make hell of a difference to me right now.

thanks guys.
LIL Raja

 

I think you only pay interest (and penalties) if you under paid your taxes by a certain amount, or if your income goes up drastically from one year to the next and you get caught in the hell of alternative minimum tax (AMT). That AMT has bitten a ton of people who got stock options.

But yes, Raj, you should get your money back.

 

oink oink

 

But regardless of how much you overpay, I don't think interest is ever included in your tax return, right?

 

s2k_redhead,
how is my shift knob doing? hehhehehe.
any new mods on ur car?

LIL Raja

 

oink too.

 

man, i am gonna sleep well knowing this piece of info.

Amen!!!!!!! again thanks u guys for clearing some of this up for me.

LIL Raja