Which taxes do you get back

In addition, taxes for Social Security and Medicare are withheld from your check. In , the FICA tax rate is the same as the past year at 7. There is a wage ceiling for Social Security taxes. Gross income above that threshold is exempt. If you had too much money withheld from your pay, the IRS owes you a refund. If too little was deducted from your pay, you will owe the IRS the difference.

But a big refund means you are giving the IRS more money during the year than you have to. Use the IRS tax withholding estimator to figure out how many exemptions to claim. How We Make Money. Libby Wells. Written by. Libby Wells is a contributor covering banking and deposit products. Edited By Lance Davis. Edited by. Lance Davis. Lance Davis is the senior editorial director for Bankrate.

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You can request that the government send you a paper check in the mail. Or you can decide to go for a direct deposit tax refund and have your money put into three different places, including a savings and a retirement account. Ready to get in on the investing game? Whatever you decide to do with it, you have three years to claim your refund from the initial filing deadline.

Sometimes, the IRS makes a mistake and sends you more money than you were meant to have. Anyone who owes child support or has overdue student loan bills may have some of their refund taken and applied to those debts. Word of advice: If your refund check seems larger than it should be, you might want to wait before you head out on a shopping spree. You could also receive a smaller refund check than expected as well. That proved to be somewhat common in the tax filing season.

Some people used to receiving refunds are even finding themselves owing money to the government. Once you file your taxes, you may be concerned about when your tax refund will arrive. Thankfully, the IRS has a tool on their website that can clear up your anxiety. An app called IRS2Go provides another way to check your refund status. Note, though, that the IRS receives high call volumes.

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