# How Much Tax Will I Get Back if I Earn \$35,000

For many of us, tax season is a time of both excitement and dread. On the one hand, there’s the promise of a tax refund, but on the other hand, there’s the uncertainty of how much you’ll actually get back. If you’re earning \$35,000, knowing how much tax you’ll get back can help you plan ahead and make informed financial decisions.

## Calculating Tax Return

The amount of tax you’ll get back depends on your filing status, deductions, and other factors. Generally, though, someone earning \$35,000 can expect to get a tax refund of around \$3,400. This is based on the standard deduction for a single filer with no dependents, which is \$12,400 in 2020.

The first step in calculating your tax refund is to subtract the standard deduction from your taxable income. So, if you earned \$35,000 in 2020, your taxable income would be \$22,600 (\$35,000 – \$12,400).

The next step is to determine your tax rate. For someone earning \$35,000, this would be 12%. This means that your tax liability would be \$2,712 (\$22,600 x 0.12).

Finally, subtract your tax liability from the taxes you have already paid. This number is your tax refund. So, if you paid \$6,112 in taxes, your tax refund would be \$3,400 (\$6,112 – \$2,712).

## When Earning \$35,000

Your tax refund will ultimately depend on your individual circumstances. However, if you’re a single filer with no dependents earning \$35,000, you can expect to get a tax refund of around \$3,400.

It’s important to remember that your tax refund is not free money; it’s simply a return of the taxes you have already paid. So, while it can be tempting to spend your refund, it might be a better idea to use it to pay down debt or save for retirement.

When it comes to taxes, there’s no one-size-fits-all answer. However, if you earned \$35,000 in 2020, you can expect to get a tax refund of around \$3,400. Knowing this can help you plan ahead and make informed financial decisions.