i am 15 and 9 months i got hired at a dry clean place but, my dad still wants to see if we lose money because when i work i have to pay taxes and also at the end of the year i must file for tax returns and stuff like that, is there a way i can work but not lose any money and what is better filing for taxes in a joint thing or seperatly
please help
2006-08-13 07:56:34 · 6 answers · asked by MO 1 in Business & Finance ➔ Taxes ➔ United States
i only work 15 hours a week and i make $6.00 an hour.
2006-08-13 08:13:41 · update #1
As far as joint filing, that's only for people who are married to each other, so is not an issue for you and your dad.
You might or might not even have to file a federal return, unless money is taken out for income taxes in which case you'd want to file to get it back. You probably won't owe federal income taxes. You will owe for social security, but the employer will take that out of your check so you won't have to do anything.
Depending on where you live, there might be a state or local income tax that you'll have to pay.
You should end up with a lot of your wages left over after taxes, so will be able to have some spending money and also save some for college.
Good luck.
2006-08-13 08:27:38 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
when you work you will have Social Security and Medicare taken out of your check. Nothing you can do about it. You can, if you dont think you will make for than 4-5K not have any federal taxes taken from your check. When the employer gives you a W-4 form to fill out, there is a box you can check.
Even if you have federal taxes taken out, you will get it all back when you file a tax return. The return for your situation would be free and can be done very easily on-line.
Get the job - what your dad is telling you isn't right. You dont lose money by working
2006-08-13 15:04:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If someone can claim you as their dependent (which I'm sure your dad does), you would have to earn over $5000 before you'd have to file a return.
When you fill out the W-4 just file 'exempt'. If don't file exempt on the W-4 don't worry too much, little will still be taken from each paycheck and you'll get it all back when you file your tax return.
Married filing Jointly/Seperately options, are of course for married folks only.
2006-08-14 10:54:59 · answer #3 · answered by Celeste 6 · 0⤊ 0⤋
You can't file jointly with your father. Only a married couple can file jointly. You won't make enough to actually own Federal income tax. If your employer withheld federal taxes, you should file a return to get them back. State taxes vary by state. I don't see how you would lose money by working. Do you mean you spend more getting to work and back than you make?
2006-08-13 20:41:03 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
Pay your taxes Willie Nelson style
2006-08-13 15:03:25 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I agree with steven f. You cant make more that 3200.00. If you do than your dad cant claim you.
2006-08-13 21:36:14 · answer #6 · answered by linluv2001 2 · 0⤊ 0⤋