I recently started working my 1st job(Mcdonald's..ugh, I know). At work, my employer gave me a W-4 form to fill out. I do not know anything about taxes because I have never had to do them and my employer did not explain what to put for how much I claim. I filled out everything, but where it asked what number I am claiming, I put zero. I didn't know what I was supposed to put.
Should I have put something else? I am not married, have no children/dependents, and am a part-time college student with a full-time job at Mcdonald's, making a crappy $5.25/hour.
2007-02-10 14:18:00 · 9 answers · asked by Cupcakes are yummy 1 in Business & Finance ➔ Taxes ➔ United States
YOu did the right thing.
IF you claim zero they will withhold alittle bit more but you will get more when you file your tax return.
The zero refers to how many deductions you are going to take.
In your case you would only deduct yourself.
The tax system in our country is set up so that in theory each person pays a tax based on income.
If you are one person then you pay a certain predetermined amount and the federal government withholds that amount from your taxes.
If after the end of the year they determined that they did not take enough money from you to fullfill YOUR tax burden then you have to pay them what they say you owe. Ifyou paid too much in taxes then they give you a refund
Since you are a student, when you file be sure to tell your tax preparer (or you can do it yourself to save money) that you are a student and you want to file 'exempt'. In this way, you will get ALL of your money back that you put in and then some.
Congrats on your first job.
Everyone had to start somewhere!
2007-02-10 14:22:13 · answer #1 · answered by kissmymiddlefinger 5 · 2⤊ 1⤋
For every dependant you claim you pay less taxes at the end of the year. By claiming zero you are telling your work to take out enough money for just you and no dependants. This is the right thing to do and you should not have to pay anything aditional at the end of the year, most likely you will get money back.
2007-02-10 14:23:29 · answer #2 · answered by DB 3 · 0⤊ 0⤋
You could have either put zero or one if you are not a dependent of your parents - if you are, then zero is correct. With zero they'll take out a little more in federal income tax withholding, so you'll get a little bigger refund next year if you get a refund.
And don't knock working at McDonald's - everybody has to start someplace! I assume you're going to college so you can get a better-paying job down the road.
2007-02-10 14:48:47 · answer #3 · answered by Judy 7 · 1⤊ 1⤋
Claiming Zero means that more taxes will be taken out of your check. If you are not a dependent of your parents you can claim yourself on the 2008 taxes thus, you get the money you over paid in taxes back. If your parents claim you on their taxes in 2008 you cannot claim yourself on 2008 taxes. You then lose money.
2007-02-10 14:29:54 · answer #4 · answered by ? 3 · 0⤊ 0⤋
You did the right thing. All things being eqaul, dependants reduce the tax liability. The more dependants you claim on your w-4 the LESS they withhold each pay period.
Fast Food(?) Wait on tables and you'll make 3x as much..
2007-02-10 14:24:24 · answer #5 · answered by Anonymous · 0⤊ 1⤋
you can claim 1[yourself] if you dont,you wont get very much back in taxes at the end of the year. if you claim 1 you will not bring as much home every week but you will get more back at the end of the year in taxes. hope that helped you out.
2007-02-10 14:26:37 · answer #6 · answered by minnesotabluerags 2 · 0⤊ 1⤋
if you want the information go for the tax efiling online sites. these can help you. here are some sites for you
you may be interested in some of the Tax Prep Deals I found that saves some money on tax prep services online.
all the best
2007-02-10 16:52:40 · answer #7 · answered by hary s 1 · 0⤊ 2⤋
zero is when you have no dependants. You don't have any so that is what you should have done..Good Job
2007-02-10 14:23:13 · answer #8 · answered by fade_this_rally 7 · 0⤊ 0⤋
dont trip , you will get a good tax return
2007-02-10 14:20:57 · answer #9 · answered by rockstarhooligan 2 · 0⤊ 1⤋