ksnogas2112
Well-known member
To follow on Chieftan68....you have to have the $7500 in tax liability to begin with but then to get money back you also have to have $7500 in withholding as well.
Example to illustrate and NOT to be taken as accurate:
#1 You make $100,000 in 2012. Your tax liability is $7500. Your withholding is $7500. You get it all back.
#2 You make $100k. Your liability is $7000. Your withholding is $7500, you get back $7500. <edit correction thanks FLboy>
#3 You make $100k. Your liability is $7500. Your withholding is $6000. You get back $6000 but don't have to pay remaining $1500 of tax liability due to tax credit.
They should really call it a mail-in rebate <laugh track> :lol: </laugh track>
Here's 2 cents and complimentary pick axe to poke holes.
<edit> Hole count now 1, remaining cents 1
Example to illustrate and NOT to be taken as accurate:
#1 You make $100,000 in 2012. Your tax liability is $7500. Your withholding is $7500. You get it all back.
#2 You make $100k. Your liability is $7000. Your withholding is $7500, you get back $7500. <edit correction thanks FLboy>
#3 You make $100k. Your liability is $7500. Your withholding is $6000. You get back $6000 but don't have to pay remaining $1500 of tax liability due to tax credit.
They should really call it a mail-in rebate <laugh track> :lol: </laugh track>
Here's 2 cents and complimentary pick axe to poke holes.
<edit> Hole count now 1, remaining cents 1