I am 19, Full Time college student and living at home, I made about 17k last year, I claimed exempt on state and federal taxes, am I going to owe money? If so how much?
2007-01-31 12:43:09 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
If you live at home, chances are your parents are using your exemption, so you don't have any deductions to offset that 17k in earnings. The federal tax table shows that 17k in earnings owes $2,176 in income tax.
You earned too much to be eligible for the Earned Income Credit.
2007-01-31 13:40:30 · answer #1 · answered by datette 3 · 0⤊ 0⤋
Yes, you almost surely will. Probably around $1400 for federal. State would depend on where you live, since each state has its own rules.
You are only allowed to file exempt if you do not expect to owe any taxes for the year. You made WAY to much for that. Change your W-4 if you haven't already done that.
2007-01-31 21:21:24 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
you definitely need to file a return and I guess that you will owe taxes, probably around $1500. sorry to give you bad news.
basically, anyone making more than around $10k owes something on their federal taxes. if you are a dependent, that number is probably much less than that. i suspect you are still in the lowest tax bracket which is around 10% of your income over $10k. you'll probably owe something on you state taxes too. a lot is going to come down to whether your parents claim you as a dependent.
2007-01-31 20:56:43 · answer #3 · answered by Jeff G 2 · 0⤊ 0⤋