if you make less the 10k a yar do you get the your taxes back?

Question

if you make less then 10k a year, i am 16 and make minimum wage, do you get all the money that they took out in taxes back? please say yes!!....lol...... : )

Answer 1

In a previous answer, it was stated that you could claim your personal exemption if you parents did not claim you as a dependent. Actually, if your parents COULD claim you as a dependent, you lose your personal exemption whether they claimed you or not.

Answer 2

You're filing single and get a standard deduction of $5,150, so your income in excess of that amount is taxable. Since you rmaking less than $10K, your tax rate is 10%, so if you earned exactly $10K, $4,850 would be taxable and the tax would be $459.

You would get a refund of tax withheld in excess of $459. This assumes that you're living with your parents and they are claiming you as an exemption. If they are not claiming you, you would be able to claim your own personal exemption and that would reduce your taxable income by an additional $3,300. In this scenario your taxable income would be $1,550, tax owed $156 so your refund would be the amount withheld in excess of $156.

Answer 3

it is less than 10k per year, but a lot less, for you to get your taxes back. i'm not sure what standard deductions are for 2006-2007 but i would think it would be around 5500 by now, which at 10000 would give you about 4500 taxable income, which will leave you getting all but 450 dollars back. At 5500 income or less you would get it all back.

Answer 4

macdaddy is right regarding the federal tax. Also, you will not get back the amount taken out for FICA. And depending on where you live, there are probably state income taxes and might also be local income taxes that you have to pay.

Answer 5

yes