How much should I owe the government in taxes this year?

I am currently working for the USPS and am married. Together me and my wife should make close to 23,000 for the year. I make 12.79 an hour and average 33 hours week. I claimed S1 and have a large chunk of my check taken out each week for taxes and what not. I also received student loans this year for college, and have attended college the full year. What I want to know is how much will I owe the federal government at the end of year.

Not including the possible deduction for your student loans, I would expect your total tax liability to be $575 calculated below.

Gross income 23000

Less student loan interest (not provided) 0

Adjusted Gross income 23000

Less standard deduction 10700

Less personal exemptions 6800

Taxable income 5750

Tax at 10% 575.

Once you determine your student loan interest, then you can adjust the equation accordingly. Any Federal tax withheld over $575 (or the new figure once the numbers are adjusted) will be your tax refund.

With a little luck, you'll have an education credit that will wipe out your tax liability, so would get everything or close to everything back that you had withheld for federal income tax.

If you were in the UK you would owe all your earnings plus 10% to our goverment.

$1000

Student loans you'll pay back later, let's take 23,000. subtract 18k (MFJ and 2 exemptions) leaves 5,000 tax on that is $503. find the difference between 503 and what was withheld and there's your refund or what you owe (depends which is higher). this involved some assumptions though. You might be able to wipe some of that 503 out depending on it's your first two years of taking either the hope or lifetime credit.