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Paying Taxes

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Paying Taxes


Welcome to Jackson Hewitt, how may I help you today?
I need someone to help me with my income taxes.
Then you have come to the right place. Do you have your W2 with you?
I have two of them, one from each job.
Ok, if I can just see those I can get started on your taxes.
This is the first year I have filed taxes, can you tell me a little about it?
Well, with any job that you work, some of your income is taken out of every paycheck.
That is the Federal and State that I see on my checks, right?
Correct. Every job will take money out for Federal taxes, but not every state withholds state taxes.
But if I have already paid taxes by having them taken out of my check, why do I need to do it again?
At the end of every year, you need to file taxes to see if you paid too much or too little.
What happens if I paid too much?
Then you would get a refund from the IRS for the amount that you overpaid.
So if I did not pay enough, then I would have to pay the difference back to the IRS?
That is right. Now, do you have any dependents?
No. Does that make a big difference?
Many times you can receive a credit for each dependent you have.
And a credit would mean either paying back less or getting a bigger refund, right?
Exactly. Are you going to school?
Yes, I go to school part time.
Do you pay for all of your school expenses or do you have federal aid?
I pay for my own tuition and books.
It looks like you will be able to get a refund of about $1000 from your federal taxes, but you will have to pay $200 into your state taxes.
So after I pay my state taxes, I will $800 left over?
That is what it looks like when I fill out the paperwork.
Very good! Thank you for your help.

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