I started my first job out of college in September. I claimed no deductions on my W-4 at that time.
My company is withholding enough each month to pay 1/12 of the tax on my yearly salary. I have only worked for four months in 2010, so my 2010 income will be 1/3 of my yearly salary, and the withheld amount so far will be 1/3 of the estimated tax liability of my yearly salary.
However, my net income for 2010 is low enough that I will be in the 15% tax bracket for 2010 instead of the 25% bracket, so my tax liability should be quite a bit less.
After factoring in my deductions, it seems that I might have a large refund coming. Please confirm/deny my understanding?
Second question - Let's say I get my 2010 W-2 from my employer in early January and I file immediately. Will I receive my refund check within a few weeks of filing? Or will I have to wait until refund checks are sent out after 4/15?