Question: What are tax returns, how much do we receive back? I'm told at the end of the year I get money back for taxes...What is that all about... I've been working one of my first jobs and I remember when I asked my manager why does it matter to file 0 or 1...

Answer: basically you have:\n                                    \n     INCOME(all sources)\n  -\n    STANDARD DEDUCTION( based on filing status)\n  -\n    PERSOANL EXMPTION( # of poeple claiming...you+kids ect..) \n=\nYOUR TAXABLE INCOME ( look this up in tax table)\n\nthis ia tax owed on income for current year \nNEXT SEE WHAT YOU HAVE PAID IN AND SUBTRACT WHAT YOU OWE. DO YOU GET A REFUND OR DID YOU NOT PAY ENOUGH THROUGH THE YEAR?   THAT'S KINDA HOW IT WORKS BUT THERE'S CREIDITS AND OTHER THINGS TO ACCOUNT FOR. THIS FORMULA IS NOT ACCOUNTING FOR ANY CREDITS. JUST YOUR BASIC 1040EZ FEDERAL TAX FORM\n \nwhat is meant by claiming 1 or 0 on your I-9 form......\nis really how do you want to be taxed throughtout the year?\nIF 0 higher tax rate ( less weelky more at end of year)\nIF 1 lower tax rate  (more weekly less maybe even owe at end of year)
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