http://www.irs.gov/pub/irs-pdf/fw4.pdf#s...
i got my first job this month. When i filled out the form oct 6, I put "EXEMPT" on line 7, now i'm worried,
-should I have left it blank? Will i get in trouble with the IRS?
i'm single
live with parents
i have no kids
mom claims me as a dependant
I will be make like a total of $1,500 this year.
-if i get a 2nd job november how would i fill out the w4 form for the second job?
and will i have to change the info on the FIRST job's w4 form?
2006-10-28 16:44:22 · 6 answers · asked by sweety 3 in Business & Finance ➔ Taxes ➔ United States
if you want to change it, you can fill out another form. it's not a big problem. so change it if it'll make you feel better. the only thing that I can read from it is that the government won't take any money out per paycheck, but come tax time when they do their accounting, they will make you pay back the taxes that you owe if in fact you do owe money. so if you don't want to end up paying a big chunk of change by tax time, it's best to change your status.
2006-10-28 16:53:36 · answer #1 · answered by Jacqueline S 3 · 0⤊ 2⤋
Sweety, you are fine. As long as your yearly income is less than $5150 and you didn't earn any money as a contractor (in other words, you are an employee, not a contractor...since you filled out a W-4 you are an employee), then you will owe no federal income taxes and the "Exempt" is fine. In general, if someone else can claim you as their dependent and you are single, it is best to file as "Single" with 0 withholding allowances on your W-4s.
2006-10-28 23:59:20 · answer #2 · answered by TaxMan 5 · 0⤊ 2⤋
EXEMPT is fine. This is your first job, so you did not owe any taxes last year and making $1500 you most likely won't need to file a tax return. The 2nd job shouldn't make much difference.
2006-10-28 23:56:21 · answer #3 · answered by CPAKeith 3 · 0⤊ 1⤋
You are not allowed to claim exempt if your mother can claim you on her return. This is true as long as she CAN claim you, even if she does not.
Note. You cannot claim exemption from withholding
if (a) your income exceeds $850 and includes
more than $300 of unearned income (for example,
interest and dividends) and (b) another person can
claim you as a dependent on their tax return.
2006-10-29 10:15:01 · answer #4 · answered by STEVEN F 7 · 0⤊ 2⤋
you are exempt for both filings if you make less than $7,500 yearly- You will be getting 100% back
yes you will have to fill out another w-4 if you get another job
2006-10-28 23:53:31 · answer #5 · answered by Mopar Muscle Gal 7 · 0⤊ 1⤋
You should be alright! making that amount for the year isn't gonna set off any bells and whistles in Washington DC!!!
should change it to either zero or one!
see your employer and fill it out again!
2006-10-28 23:52:49 · answer #6 · answered by f4fanactic 6 · 0⤊ 1⤋