It depends. Whether you owe income taxes depends not only on your wages, but on all of your income. If your gross income is below the filing threshold for your filing status, you’ll obtain a full refund as long as you file a tax return. What’s more, you may be eligible to a refundable earned income tax credit (EITC). Again, you must file a return to claim the EITC.
The estimated value of an asset at the end of its useful life. Salvage value is ignored by ACRS and MACRS rules.