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Every year, your refund is calculated as the amount withheld for federal income tax, minus your total federal income tax for the year.

obliviousinvestor.com - How Do I Calculate My Income Tax Refund? - Oblivious Investor

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The following is an excerpt from my book Taxes Made Simple: Income Taxes Explained in 100 Pages or Less. Many taxpayers in the U.S. have come to expect a sizable refund check every tax season. To some people who don’t prepare their own tax returns, it’s a mystery how the refund is calculated. The idea is really quite simple. After calculating your taxable income, you use the information in the tax tables to determine your total income tax for the year. This amount is then compared to the amount that you actually paid throughout the year (in the form of withholdings from your paychecks). If the amount you paid is more than your tax, you are entitled to a refund for the difference. If the amount you paid is less than your tax, it’s time to get out the checkbook.

Withholding: Why It’s Done

If you work as an employee, you’re certainly aware that a large portion of your wages/salary doesn’t actually show up in your paycheck every two weeks. Instead, it gets “withheld.” The reason for this withholding is that the federal government wants to be absolutely sure that its gets its money. The government knows that many people have a tendency to spend literally all of the income they receive (if not more). As a result, the government set up the system so that it would get its share before taxpayers would have a chance to spend it. The amount of your pay that gets withheld is based upon an estimate of how much tax you’ll be responsible for paying over the course of the year. (This is why you are required to fill out Form W-4, providing your employer with some tax-related information, when you start a new job.)

Withholding: How It’s Calculated

At this point you may be thinking, “OK. Well I’m in the __% tax bracket, and it’s obvious that my employer is withholding way more than that!” You’re probably right. That’s because your employer isn’t just withholding for federal income tax. They’re also withholding for Social Security tax, Medicare tax, and (likely) state income tax. The Social Security tax is calculated as 6.2% of your earnings, and the Medicare tax is calculated as 1.45% of your earnings. Before you’ve even begun to pay your income taxes, 7.65% of your income has been withheld. Your refund is determined by comparing your total income tax to the amount that was withheld for federal income tax. Assuming that the amount withheld for federal income tax was greater than your income tax for the year, you will receive a refund for the difference. EXAMPLE: Nick’s total taxable income (after subtracting deductions) is $32,000. He is single. Using the tax table for single taxpayers, we can determine that his federal income tax is $3,641. Over the course of the year, Nick’s employer withheld a total of $8,500 from his pay, of which $4,000 went toward federal income tax. His refund will be $359 (i.e., $4,000 minus $3,641).

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What is a pink friend?

Pink: It is for that buddy who is affectionate, understanding and care as this colour represents all of this. White: Purity, peace and innocence are associated with white. If you have a friend with all these qualities, choose something in white. Yellow: Yellow is known as a synonym of friendship.

business-standard.com - Crack colour code, celebrate friendship (Aug 4 is Friendship Day)

There is a colour for every friend. If she is compassionate or a livewire, try purple or yellow. Every colour means something so here's the significance of various shades to pick the right one to celebrate Friendship Day.

Colors and their singnificance:

White: Purity, peace and innocence are associated with white. If you have a friend with all these qualities, choose something in white. Yellow: Yellow is known as a synonym of friendship. What's more, it is meant for someone with a bright and lively personality.

Purple: It represents those with a kind heart and compassion.

Red: It depicts love and romance.

Green: It is associated with good luck and trust.

Backed by this knowledge, gift your friend something suitable. You can find these vibrant colours in Utsav Fashion's Indo-Western collection, which consists of kurtis and tunics.

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