What will be my tax rate liability and will I get a refund this year?

Here are my stats:
Single
Exempt 1
Just graduated college in June 2007.

Job 1: BOX 1: $20,483.73
I chose exempt 2 for this job.

Job 2: BOX 1: $12,804.96
I chose exempt 1 for this job.

Prize from Blingo: "OTHER INCOME" $1,000

Fidelity investments: $86.67

Interest taxable Income:
Citibank: $100.00
Wamu: 14.41
INGdirect: 47.00

Now from Jan - June. I was a Full time student at UC Santa Cruz which is a four year college here in California. I paid for 2 quarters of schooling. I am still waiting for their tax forms. I dont know if it will change anything.

I understand the standard deduction is $5,350 this year and exempt is $3,400. Also that the 15 percent bracket for tax liablity is around 33,000. Will I end up paying 15 percent or 25 percent?

If i pay 25%, how should I deduct enough where I can fall into the 15% tax bracket. thanks!

Actually, for someone filing as single, the 25% bracket starts at $31,850. But that's TAXABLE income, which is after your standard deduction and exemption are subtracted, so you'll be in a 15% bracket. But I'm not sure you understand how brackets work - if you were $1 into the 25% bracket you'd only pay the 25% on just that dollar, the rest would be taxed at a lower rate, some at 10% and some at 15%.

Your tax will be around $3475. You don't say what was withheld for federal income tax (box 2 of your W-2's) so there's no way to say if you'll get a refund. If more than that was withheld total between the two jobs, the overpayment will be refunded to you. If less was withheld, you'll have to pay the difference.

If you paid tuition and fees out of pocket or with loans, NOT with grants, that should lower your tax some.

Go to www.turbotax.com and use their online filing tools. By just entering all the basic information you outlined above, your tax liability or return will be calculated. If you choose to actually file this way, you don't pay until after you do the prep - and they are only $29.95 for the whole service. I have been doing my taxes this way for years - takes all the guess work out of it and you are pretty much guaranteed not to make a mistake.

Go to the Turbo Tax calculator, input your data and get a good estimate of your taxes and refund:

http://turbotax.intuit.com/tax-software/...

By the way, since your adjusted gross income was $54,000 or less in 2007, you can use Free File to prepare and e-file your taxes free online:

http://www.irs.gov/efile/article/0,,id=1...