I am 16 years old, live at home and go to high school, and each year my parents claim me as a dependent on their taxes.
I started working in April '06. I got my W-2 today, under "wages, tips, other comp." , "Social Security wages" , and "medicare Wages and tips" it says 3704.09. Under "Federal income tax withheld" it says 201.64, Social security tax witheld it says 229.65 and medicare tax withheld it says 53.71. About how much money should I get refunded and how do I do it?
2007-01-06 10:52:23 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You won't get much back.
There is no refund for the Social Security or Medicare taxes. You might get a small refund for the Federal Income Tax. You'll just need to file your taxes and figure it out.
2007-01-06 11:01:36 · answer #1 · answered by KC 4 · 0⤊ 2⤋
Social security and medicare taxes are separate from income tax and do no effect your refund. You should file a 1040EZ (the 1 page 'short form'). Assuming no interest income, your AGI is $3704.09. Your standard deduction is $5150. You can't claim a personal exemption if your parents still claim you as a dependent. Because your deduction is greater than your income, your taxable income is $0. Your refund should be the full $$201.64 withheld.
EDIT: Someone said to go to H & R Block. Whatever their minimum fee is, it is too much for 30 second return.
2007-01-06 11:09:28 · answer #2 · answered by STEVEN F 7 · 1⤊ 0⤋
You should get all of your federal withholding back. When someone claims you as a dependent, you do not get your personal exemption. However, you can claim a standard deduction, which will be the less of the standard deduction for a single person, or your gross earned income. Since your gross earned income is less than the standard deduction for a single ($5,150), your standard deduction will be your wages of $3,704. Therefore your taxable income will be zero, hence your federal tax will be zero and you will get your entire federal income tax withholding back. You won't get your social security or medicare tax back though. You will get a refund from the IRS for $202.
2007-01-06 11:11:42 · answer #3 · answered by jseah114 6 · 1⤊ 0⤋
You will get the 201.64 back, none of the others are refundable. File a 1040 EZ. You can download it from irs.gov
2007-01-06 11:37:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
go to hrblock.com and use their tax estimator. it's free and gives a pretty good estimate of what your refund should be.
2007-01-06 12:51:22 · answer #5 · answered by nrsldy04 3 · 0⤊ 0⤋
not sure
I was like 20 when I got my first job
2007-01-06 10:55:52 · answer #6 · answered by kurticus1024 7 · 0⤊ 1⤋
go to H & R block
2007-01-06 10:54:51 · answer #7 · answered by kowalley 5 · 0⤊ 2⤋