I am 17, I live in California and I've made $8700 in 2006.
My parents have me as a dependent.
I know the threshold for the dependent is $4400 in order to be tax free?
Now I have one of my payroll sheets in front of me and I remember talking to my boss back when I started working about cutting some of my taxes from my paycheck because I was expecting to earn less than the $4400 threshold. I got the "FED WT" cut out so I havent paid any of those directly from my paycheck. I have paid the FICA and CA DIS in full.
Is there a calculator or an easy way to find out how much more (or less?) I owe to the IRS?
Thanks
2007-02-24 15:54:27 · 5 answers · asked by Yannis P 2 in Business & Finance ➔ Taxes ➔ United States
If you are claimed as a dependent, you must file if you earned more than $5,150.
The tax rate on the first $7,550 in taxable income is 10%. If you have no deductions for tuition, etc., your taxable income is $3,550 and your tax would be $355.00. That's just an estimate using the tax rate schedule for 2006 at http://www.irs.gov/formspubs/article/0,,id=150856,00.html Since I don't have all of your details I can't be more exact that that.
You must file a tax return and pay the tax due by April 17, 2007.
2007-02-24 19:34:12 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The standard deduction is actually $5150, not $4400, but you'll pay taxes on what you made above that. $8700 minus 5150 is $3550 - federal income tax on that to the IRS is $358. The tables to find this amount are in the various 1040 instruction booklets, and in Publication 17.
I don't know what your CA tax will be.
2007-02-25 00:00:04 · answer #2 · answered by Judy 7 · 1⤊ 1⤋
As long as (1) you're under 19 or (2)under 24 and a full-time student your parents can claim you regardless of your income, as long as you didnt spend it on more than half of your own support. In other words if those two conditions are met, you dont have to meet the Gross Income Test. Otherwise follow Judy's advice. And here are the tax tables.
2007-02-25 01:06:14 · answer #3 · answered by jeff410 7 · 0⤊ 1⤋
go to taxact.com and click on get started... you can put all your information in for free and file for free. just set up an account.
Your parents should not have claimed you. You will have to claim yourself and if you parents filed already the gov will find out unless they file an amended return and take you off of theirs.
If they haven't filed the return yet the they need to redo it. They will be in trouble if they claim you. Because you have to claim all your earnings and you over shot the limit..
2007-02-25 01:35:56 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Your parents can't claim you as a dependent - you made too much money. It doesn't matter that you are still a minor. It depends on your income.
FICA, Medicare and SDI have nothing to do with the fact that you might owe federal and state taxed, if you didn't have any withholding.
Just get Turbo Tax and calculate your return.
2007-02-25 00:12:36 · answer #5 · answered by Dizney 5 · 0⤊ 3⤋