I only made 4500.00 this year. I noticed that my employer did not take federal taxes out. Although, they should have. What should I do?My W-2 shows that they only took out a total of 500.00 which they applied to social security, medicare, and state tax. I am not sure if this is right. Any suggestions?
2007-01-31 12:41:58 · 4 answers · asked by ? 2 in Business & Finance ➔ Taxes ➔ United States
the minimum standard deduction is $5150; therefore, you will not owe any federal taxes; you will, however, probably get a refund because of the Earned Income Credit; so file the return before you lose money, $346 if you are single with no kids
2007-01-31 13:27:58 · answer #1 · answered by illinipower 2 · 0⤊ 0⤋
Social security and medicare taxes are a flat percent of all earnings. You pay those taxes no matter how little you earn. Federal and state withholding taxes are deducted from your pay based on how you fill out the W-4 form, how much you make, and how often you are paid. You probably won't owe any tax on the $4500 income for the year, and you may get a state tax refund.
2007-01-31 13:34:27 · answer #2 · answered by Brian G 6 · 0⤊ 0⤋
You have a number of options. One option is to contact the IRS whistleblower's office (which was formerly known as the IRS informants reward program). This might be a way to make some quick cash, if you think that your employer did something wrong and has done this for other employees as well -- and of course, if you don't mind the employer and others knowing that you turned in your employer.....
Another option is to contact your employer and ask them to send you a Form W-2c (which is a corrected Form W2). If they refuse, you can contact the IRS 800 number and they will send a request to your employer instructing them to provide you with this form.
The other option is to estimate the amount of tax and list that (using the Form 4852, Substitute for Form W-2, Wage and Tax Statement). You should be wary of using this form without talking to a tax advisor, as you could underreport your income and/or delay the processing of your refund.
I hope that helps.
Kreig Mitchell
www.irstaxtrouble.com
www.irstaxtrouble.com/blog.htm
Kreig Mitchell
www.irstaxtrouble.com
www.irstaxtrouble.com/blog.htm
2007-02-03 12:06:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
That is probably right. You just file your tax return and enter the information in the proper places. Looks like you didn't earn enough to pay tax...unless you had other jobs too.
2007-01-31 13:01:06 · answer #4 · answered by justwondering 6 · 1⤊ 0⤋