I work about 30 hours a week and also am taking around 15 units at the university. What should I be filling out on my W-4 form and are there any other forms I should fill out? I claimed exempt for the last two months of this year, I know I will end up owing because of it, will I be penalized? If so, how bad?
2006-12-03 14:51:28 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
To some of you who said I should claim "1," I was told to claim single zero, what is a better option? And yes I am able to be claimed as a dependent.
2006-12-03 15:01:59 · update #1
List as your job title the job where you earn money.
There is no exemption from tax for full-time students. Factors that determine whether you have an income tax filing requirement include:
* the amount of your income (earned and unearned),
* whether you are able to be claimed as a dependent,
* your filing status, and
* your age.
If your income is below the filing requirement for your age, filing status, and dependency status, you will not owe income tax on the income and will not have to file a tax return. You may choose to file if you have income tax withholding that you would like refunded to you.
2006-12-03 14:53:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you are still living at home and your parents are claiming you as their dependent on their taxes, you will not be able to claim yourself as a dependent, since only one can claim the exemption. If you claim no dependents you should not have to worry about paying additional taxes at the end of the year. If you claim exempt, you are correct, you will owe more taxes. Exempt means that you don't have any taxes taken out of your check. If you take about 20% of your salary it should cover most of your taxes. You can go on line and check current tax rates against your estimated income for the year to get an idea of what your taxes will run. There could be some deductions you can take concerning school expenses which will lower your tax bite. You could also set up and contribute to an IRA. That would start you to saving for retirement and cut your taxes at the same time.
2006-12-03 22:59:43 · answer #2 · answered by Flyby 6 · 0⤊ 0⤋
If you want to be safe, you can put in a "1" to claim yourself. I'm sure that you are probably broke enough to put exempt again, but just in case, you should put a 1 and then you won't owe and you might get a refund when you file.
2006-12-03 22:55:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Watch out! This one burned me when I was going to college. If you are earning a significant income (and you are at 30 hours per week) then you need to pay taxes like everyone else.
If you want to double check the point of the full time student option, go to the IRS building and ask an agent.
2006-12-03 22:55:17 · answer #4 · answered by Hank Hill 3 · 0⤊ 0⤋
You probably won't owe if you only exempted yourself for two months. In the unlikely event that you do owe, just pay your taxes on time in April.
2006-12-03 22:54:22 · answer #5 · answered by Carrie H 3 · 0⤊ 0⤋
A zero or a 1. It is up to you.
2006-12-03 22:54:02 · answer #6 · answered by Anonymous · 0⤊ 0⤋