How Do You Figure How Much You Get Back In Taxes. You get one exemption for yourself and one for each of your dependents. An online tax refund calculator helps to do this accurately.
The first thing you'll need to do is gather all of your relevant returns and documents that relate to each year you still owe back taxes for. Find your total income tax owed for the year (i suggest using this tax calculator for a rough estimate ). Here is the windfall first:
In a nutshell, to estimate taxable income, we take gross income and subtract tax deductions.
For example, if you fall in the 34 percent tax bracket and have a $10,000 mortgage interest deduction, multiply $10,000 by 0.34 to find. The first thing you'll need to do is gather all of your relevant returns and documents that relate to each year you still owe back taxes for. “suppose you earn enough to be in the 28 percent bracket, but only by $300. Tax refunds are calculated by subtracting the amount of federal income taxes withheld from your total income taxes due for the year.