what does it mean if box 2. is .00?.. does that mean i get no refund?? please help me figure it out
2007-01-30 05:43:02 · 4 answers · asked by LaDy A 2 in Business & Finance ➔ Taxes ➔ United States
IT IS A W-2 FORM
2007-01-30 05:48:43 · update #1
BOX 2. is the federal incometax withheld
2007-01-30 05:56:09 · update #2
Box 2 shows the federal income tax withheld from your paychecks. If this number is $0.00 then you have a problem because most likely you are going to owe. They will take your income, subtract your standard deduction, subtract your exemptions and subtract any other deductions to figure out how much you owe.
If you made 10,000, were filing single and only claiming yourself here is how it would work:
10,000-5,500 (the standard deduction for filing single)-3,300 (the only person you're claiming is yourself...each person is worth 3,300)=1,200. This means you would owe taxes on $1,200 worth of income. So it may not be quite as bad as you think.
2007-01-30 05:57:10 · answer #1 · answered by pugsly8423 2 · 1⤊ 1⤋
It means that you had no federal tax withheld, you may want to check with your employer to see if you need to fill in a new W4. Depending on the amount of wages you made, you might end up owing on your tax return.
2007-01-30 05:59:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you are talking about the fed tax paid box and it is 0 then you will not be receiving any federal tax back unless you qualify for Earned Income Credit. You should contact a tax preparer.
Good luck.
2007-01-30 05:52:05 · answer #3 · answered by Should be Working! 4 · 0⤊ 1⤋
if you had nothing withheld all year, there is nothing to refund. only way you get money back is if you extremely low paid and head of household with kids, so qualify for earned income credit. are you sure your employer never withheld for federal taxes-that seems awfully strange
2007-01-30 05:59:13 · answer #4 · answered by jim06744 5 · 0⤊ 1⤋