Only paying 7% in taxes?

5 Comments

I did my taxes online and its saying I'm getting back $10,000. Mind you only $17,000 was withheld off of a $100k+ income. So that means my final tax rate is 7%? This doesnt sound right. I would be getting $12,000 back but I opted for some Biden covid shit that allowed me to get my $2,000 child tax credit sooner

Does that sound.possible that I'm only paying 7%? Ive never made this much money in a year.

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Comments ( 5 )
  • olderdude-xx
    1 year ago

    It might be worth spending the $1-$200 or so for a tax consultation with a tax accountant to verify that you have the deductions and exemptions right. That's where most people mess up.

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  • Clunk42
    1 year ago

    From what I've heard, my father has so many tax exemptions that he pays nothing in taxes.

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  • LloydAsher
    1 year ago

    I would double check if you did it correctly. The goverment is allowed to make mistakes on your taxes, you are not. If they overpay you, you got to pay it back.

    Learned that from the military

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    • Anonymous Post Author
      1 year ago

      This is what I'm worried about. We did everything right. Idk how its so low it doesnt sound right.

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      • LloydAsher
        1 year ago

        Your tax rate should at least be in the 25%+ range.

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