Im getting different opinions. Can someone let me know if the following outcomes are accurate?
Tammy is a 3rd grade teacher
•She earned $38,000
•Her total tax liability is $11,000
•She is a W2 employee and has money withheld from her checks every 2 weeks
After doing her taxes, she found that she had $12,000 withheld from her paychecks
•She went solar and has a tax credit worth $10,000
•How will this tax credit affect her?
•SHE WILL RECEIVE AN $11,000 REFUND THIS YEAR!
Withholdings $12,000 – Liability $11,000 = $1,000 refund (w/out tax credit)
Withholdings $12,000 – Liability $11,000 – Tax Credit $10,000 = $11,000 refund!
Tammy is a 3rd grade teacher
•She earned $38,000
•Her total tax liability is $13,000
•She is a W2 employee and has money withheld from her checks every 2 weeks
After doing her taxes, she found that she had $12,000 withheld from her paychecks
•She went solar and has a tax credit worth $10,000
•How will this tax credit affect her?
•SHE WILL RECEIVE A $9,000 REFUND THIS YEAR!
Withholdings $12,000 – Liability $13,000 = $1,00 due (w/out tax credit)
Withholdings $12,000 – Liability $13,000 – Tax Credit $10,000 = $9,000 refund!
Tammy is a 3rd grade teacher
•She earned $38,000
•Her total tax liability is $3,000
•She is a W2 employee and has money withheld from her checks every 2 weeks
•After doing her taxes, she found that she had the exact amount of withholdings that she needed and would neither receive a tax refund nor owe any money
•She went solar and has a tax credit worth $10,000
•How will this tax credit affect her?
•SHE WILL RECEIVE A $3,000 REFUND THIS YEAR!
•And the remaining $7,000 will carry over!
Withholdings $3,000 – Liability $3,000 = $0 refund & $0 due (w/out tax credit)
Withholdings $3,000 – Liability $3,000 – Tax Credit $10,000 = $3,000 refund & $7,000 carry over!
Tammy is a 3rd grade teacher
•She earned $38,000
•Her total tax liability is $11,000
•She is a W2 employee and has money withheld from her checks every 2 weeks
After doing her taxes, she found that she had $12,000 withheld from her paychecks
•She went solar and has a tax credit worth $10,000
•How will this tax credit affect her?
•SHE WILL RECEIVE AN $11,000 REFUND THIS YEAR!
Withholdings $12,000 – Liability $11,000 = $1,000 refund (w/out tax credit)
Withholdings $12,000 – Liability $11,000 – Tax Credit $10,000 = $11,000 refund!
Tammy is a 3rd grade teacher
•She earned $38,000
•Her total tax liability is $13,000
•She is a W2 employee and has money withheld from her checks every 2 weeks
After doing her taxes, she found that she had $12,000 withheld from her paychecks
•She went solar and has a tax credit worth $10,000
•How will this tax credit affect her?
•SHE WILL RECEIVE A $9,000 REFUND THIS YEAR!
Withholdings $12,000 – Liability $13,000 = $1,00 due (w/out tax credit)
Withholdings $12,000 – Liability $13,000 – Tax Credit $10,000 = $9,000 refund!
Tammy is a 3rd grade teacher
•She earned $38,000
•Her total tax liability is $3,000
•She is a W2 employee and has money withheld from her checks every 2 weeks
•After doing her taxes, she found that she had the exact amount of withholdings that she needed and would neither receive a tax refund nor owe any money
•She went solar and has a tax credit worth $10,000
•How will this tax credit affect her?
•SHE WILL RECEIVE A $3,000 REFUND THIS YEAR!
•And the remaining $7,000 will carry over!
Withholdings $3,000 – Liability $3,000 = $0 refund & $0 due (w/out tax credit)
Withholdings $3,000 – Liability $3,000 – Tax Credit $10,000 = $3,000 refund & $7,000 carry over!