I'm under 18 and only work at this company for 2 months out of the year, because i'm still in school. I get payed at the end of every week and the checks are constantly around 300. I am single and don't have any kids(well i hope i don't) neways, I was taxed about 60 dollars off the last check, when last year i was only taxed about 20. Is it normal for me to loose 30 bucks to federal income taxes? that doesn't seem right.
2006-07-12 04:44:59 · 9 answers · asked by tallballa07 3 in Business & Finance ➔ Taxes ➔ United States
*amount
not about
2006-07-12 04:45:32 · update #1
Unfortunately, we have no choice about how much taxes are taken out of our paychecks. Tax laws are constantly changing; however, you may want to review the W-4 you had to complete when you started. You may choose to pay NO Fed taxes, IF you did not pay any taxes last year and you don't expect to pay any this year...you need to check "exempt" on the W-4. You can change this at any time during your employment. Remember, that just because you may have gotten a refund, does not mean you didn't pay any taxes...just that you OVER-paid them. Good luck...be sure to ask the opinion of your HR person at the company you work for...
2006-07-12 04:51:13 · answer #1 · answered by Rev Debi Brady 5 · 0⤊ 0⤋
Sounds like last year they were just taking out for social security, if it was around $20. The amount taken out for federal income tax varies depending on what you put on your W-4 - if you're not expecting to owe any income tax for the year, you can fill out the form so they don't take that out, and can change the form so talk to your employer. If income tax is taken out that you don't end up owing, you can get that back when you file your tax return next year. You won't get the social security part back though.
Depending on where you live, there might also be state income tax.
2006-07-12 12:39:55 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
It depends on what you are claiming on your tax forms. I am going to assume that you are only seasonal help and you have to basically reapply every year and file new paperwork.
With all your taxes they take off 15-25% off your paycheck depending on what you claimed. If you claim 0 than they take off like 15%. If you claim 1 it is probably closer to 20%. If you are claiming 2 than it is more like 25%. Talk to your employer and see what is going on.
2006-07-12 12:00:57 · answer #3 · answered by butterflykisses427 5 · 0⤊ 0⤋
You will get more back on your tax return if you are not claiming any dependents, once you file. If you want more cash now, then you claim more dependents, they will take out less. But when you fill you have to claim the correct number, as in your case one. Talk to the payroll dept. and tell them you want to claim four dependents and you will see more cash now and less return at end of year.
2006-07-12 11:53:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It sounds about ok. You may want to ask them why its so much higher than last year. I remember how dissapointed I was when I got my first check and saw how much was taken off for tax.
2006-07-12 11:49:07 · answer #5 · answered by hello 1 · 0⤊ 0⤋
it all depends, what did you fill out on your W4? How many deductions? Plus its not just federal tax that is being taken out. There is state tax (if your state has one), payroll taxes, Social Security taxes, etc.
2006-07-12 11:49:37 · answer #6 · answered by thunder2sys 7 · 0⤊ 0⤋
Seems pretty normal....change your W-4 to single with 2 exemptions and that should help you. Contact your Human resources dept. at your work.
2006-07-12 11:51:26 · answer #7 · answered by 3eleven 4 · 0⤊ 0⤋
seems about right...but you will get it all back in refund next year so do not worry (only working 2 months they always tax as if you were makign that money all year long)
2006-07-12 11:51:26 · answer #8 · answered by Jack Kerouac 6 · 0⤊ 0⤋
feels good to be a tax payer dont it? LOL I wish they only took that much out of my paycheck.
2006-07-12 11:50:03 · answer #9 · answered by gearjammer228 2 · 0⤊ 0⤋