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4 Answers

How much in taxes on $5K?

Asked by: tmoran 811 views YA Discussion

I got let go from my job in early February, where my base salary was $ 64K. With bonus, severance, and regular pay, I was given roughly $ 28K before taxes when I was let go. Since then I have been getting unemployment benefits. This summer I will be teaching at a university and will get a stipend of $ 5K. Any idea what my tax on that will be?

Also, if I don’t work for the rest of the year, will I get a bigger tax refund next year compared to previous years when I was working full-time?


4 Answers

  1. Chrysanthemum2011 on May 27, 2012 Reply

    What are your deductions? Do you have dependents you claim? Any education credits? Mortgage interest deductions? Investment losses? Business expenses to write off? Other income from interest, dividends, etc? Capital gains?

    Need more info to give an accurate answer.

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  2. Bobbie on May 27, 2012 Reply

    And how much federal INCOME tax FIT has been or will be withheld out of all of your worldwide income from all sources that as advanced estimated tax payments for the 2012 tax year for this purpose and time in your life.
    FIT in the Box 2 of your W-2 form for this purpose.
    Here you go you can try and do your own estimated tax calculations at this time in your life for this purpose since you are the only one that would know all of the needed necessary information at this time.
    http://www.irs.gov website and use the search box for 2012 Form 1040-ES (OTC)
    Estimated Tax for Individuals


    Copy and paste the below enclosed website address into your browser address bar for this purpose.


    Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2012. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2012.
    In 2011, Federal income tax rates were scheduled to increase to pre-2001 levels, but the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010″ left the existing tax brackets in place through 2012.
    You probably can find an estimated tax calculator for your state income taxes by going to your state income tax department website and use the search box for estimated tax calculator at that time in your life.
    I would hope that you do find the above enclosed information useful for your situation and good luck to you with this matter. 05/26/2012

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  3. tro on May 27, 2012 Reply

    you have 28K income, unstated amount of unemployment and 5K in a stipend, at this point it is hard to say what your tax will, you are not taxed individually on any of them, it is all added together for a gross amount
    single, no dependents your non taxable income for 2012 is $ 9750
    your refund will depend on how much was withheld on your paychecks and how much your taxable income is

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  4. Judy on May 27, 2012 Reply

    Maybe around $ 750. And what if anything you get for a refund will depend on what you have withheld. Your tax bill will be less than last year, but your withholding will likely be less too

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