W-2, What you gonna do? Options

[ExSane]

Hey guys. I'm soooooo freakin happy I got my W-2 Tax Return Papers! I'm gonna get atleast $2800 back! Just wondering what you guys plan on doing with the money if you don't mind sharing. As for me, I can FINALLY finish my special project!

[Rockford]

what is that payment???? someone could explain to me??? (just curious)

[Mynzeyes]

what is that payment???? someone could explain to me??? (just curious)

Throughout the year, citizens in the United States pay federal taxes, along with other fees, that come out of their paychecks.

Depending on the wages earned, amount paid in, and other various things, such as deductions(school, donations, dependents, etc), you get a certain percentage of the federal taxes withheld.

Sometimes you get 100% back, generally if you are a dependent, and are in school, etc. Sometimes you owe the government money, if you have your own business, or were unable to pay in enough, due to your hours worked versus wages earned (sometimes happens to servers in restaurants, as they only earn $2.13/hour, generally).

Anywho, so you "file your taxes", i.e. report what you paid in, and all your deductions, etc, then you get a payment back from the government.

It's complicated when you break it down into numbers, and how they formulate it, but that's a decent explaination of what it is.

-John-