My W2 Reads:
Wages
Fed. Taxbl Wages/1,573.00
Soc. Sec. Wages/1,573.00
Medicare Wages/1,573.00
IL State/1,573.00
Witholdings
Fed. Income Tax/ 0.00
Soc. Sec. Tax/ 97.53
Medicare Tax/22.82
IL State Tax / 34.01
I am a student and single. I clamed 1. Please help me figure out if I will owe anything.
As a college student, I have never OWED money. Will this be the case this time? I still Can't believe no deductions were taken out. I never took notice all year.
2007-02-09 05:24:42 · 9 answers · asked by WhiteSox 2 in Business & Finance ➔ Taxes ➔ United States
Since you earn very little at this job they probably didn't want to deal with the tax filings and simply filed EXEMPT for you. If this is all the money you made in the year then you don't owe any tax. In fact, if you had any money withheld from other jobs then you can probably get a refund.
You can file form 1040-EZ. It is a simple task to determine if you owe taxes or not. Get a copy at a post office or library.
2007-02-09 05:28:06 · answer #1 · answered by Plasmapuppy 7 · 0⤊ 0⤋
Nothing was taken out because each job just takes out as if it's your only job - it doesn't know if you have any others.
If this is your only income, you'll be fine and won't owe anything, or even have to file. If you have another job, or significant interest or some other income, then please repost with that info too so somebody can give you an estimate. But if this is your only job, even if you are still claimed as a dependent by your parents, you don't have to worry about it. Since nothing was taken out though, you won't get any refund because there isn't anything to refund.
2007-02-09 05:36:03 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yes, all income from wages must be reported to the IRS even if you had no tax taken out. Having no tax taken out will mean you may have to pay more depending on how much you make. If you don't make much in yearly income then you might not have to pay anything. You should get an IRS 1040A instruction booklet in the mail, if not then go to your nearest library, they have all the forms. Read the instructions and it will tell you exactly how to fill the form out and what forms you need to attach to it.
2016-05-24 01:46:25 · answer #3 · answered by Anonymous · 0⤊ 0⤋
As long as this is your only income for the year, you will not owe anything for the Federal Return. You have a standard Deduction that will more than offset this income even if you are claimed on your parents' return.
2007-02-09 05:28:29 · answer #4 · answered by Lip Service 2 · 2⤊ 0⤋
If that's your only income, you have NO Federal tax liability. You will NOT owe any tax. You may have a tax liability to IL. You'll have to complete your IL return to find out, though most likley there won't be any liability there and you'll get your $34.00 back.
Unless IL requires you to file a Federal return before filing an IL return, you have no need to file a Federal return.
2007-02-09 05:36:23 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 1⤋
If you do it will be very small. in all catagories being a student.
use turbo-tax online to figure it out. they only charge if you try to print or file electronically online through them.
2007-02-09 05:29:14 · answer #6 · answered by gregory_usa83 4 · 0⤊ 0⤋
run your numbers, on that little bit of income i dont think youll owe any federal.
2007-02-09 05:27:45 · answer #7 · answered by David B 6 · 1⤊ 0⤋
Call your employer. He's the only one who knows. It's not going to matter; you are going to have to treat the return as it is.
2007-02-09 05:28:06 · answer #8 · answered by wizjp 7 · 0⤊ 1⤋
You will have to pay the taxes.
2007-02-09 05:27:39 · answer #9 · answered by Anonymous · 1⤊ 1⤋