I don't see why I can't. I only make 7.75 an hour. It's not like I'm making so much money that I should pay taxes. I don't think it's fare that I have to pay taxes. My paycheck looks so small when compared to what I could have if I didnt pay tax.
2006-12-04 05:28:25 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Unfortunately everyone has to pay income tax in the US. You are in luck though - when you file your taxes, because you make so little, you will get nearly all of it back in the form of a refund.
So don't worry about it- consider it as a savings account with no interest.
2006-12-04 05:31:49 · answer #1 · answered by Mike 3 · 0⤊ 0⤋
If you're working full time at 7.75 an hour, you will probably owe taxes, unless you're married and/or have several dependents, and that's your only income. So no, you can't file exempt, unless the above applies to you.
The rules are set overall for who pays taxes and who doesn't - each of us doesn't get to make the rules. Everybody's paycheck looks small compared to what it would be if they didn't pay taxes.
In any case, even if you didn't owe income taxes, you'd still be paying social security tax.
2006-12-04 13:46:35 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Do you mean a "W-4" ?
Do you have any idea what you are talking about?
If you don't plan on voting for Republicans or conservative democrats (If you can find one) you have no right to complain.
Everyone pays some taxes. You need to go back to school so you can get a job that pays more than 7.75. Once you are earning more then you can pay about $25 for every $100.00 you make. And don't forget you also might be paying real-estate taxes when (or if) you get a house , gas taxes if you ever get a car, and sales taxes in a lot of states.
2006-12-04 05:49:22 · answer #3 · answered by All The Answers 2 · 0⤊ 1⤋
If you file exempt on your tax forms now and make more in a year than is allowed for exempted status you will be required to pay back those taxes to the government when April 15th rolls around. Just put down the amount of exemptions you actually have and you will get most of it back in your tax return due to the fact that you fall into a lower income bracket.
Good luck!
2006-12-04 05:34:55 · answer #4 · answered by dancing_in_the_hail 4 · 0⤊ 0⤋
Of course you can file Exempt on your W-4 form any time, but realize you may have to end up paying some in April when taxes are due. With your income though, you may not. Go for it. If you end up paying more than you'd like, you can always adjust the amount on your W-4 after that.
2006-12-04 05:34:40 · answer #5 · answered by travistual 3 · 0⤊ 0⤋
On your 1040, there is no such thing as exempt. On your W-4, you can claim 'exempt' if you expect your tax liability to be zero for the year. $7.75/hr works out to $15,810/yr if you work 40 hr/wk. For a single claiming the standard deduction, you will owe tax if your income is above about $9000. I don't recall the exact amount and I can't access the IRS website at the moment.
2006-12-04 11:47:34 · answer #6 · answered by STEVEN F 7 · 0⤊ 0⤋
The tax table starts at $0 for filing as an individual. You don't have to pay federal tax until $7,300.00.
2006-12-04 05:44:02 · answer #7 · answered by Susan M 7 · 0⤊ 0⤋