I have a job and am 17. I got my first paycheck and they took out a sizeable amount for med, ss, state, and income taxes.. I filled out a w-2 and was considered tax exempt. Now my question is, AM i completely free from being taxed? Are there taxes they must burden me with? Any insight to this would be nice...
2007-04-16 11:50:56 · 3 answers · asked by Chimmy C 2 in Business & Finance ➔ Taxes ➔ United States
Are you referring to your W4? Unless you have special circumstances being 17 doesn't make you tax exempt. You should have claimed 0 dependents (as I'm sure your parents claim you on their taxes).... yes, welcome to the working world - you will be burdened with taxed for the rest of your life. On the positive side (depending how much money you make) you'll get most of your federal taxes back next year when you file for a refund.
2007-04-16 12:00:00 · answer #1 · answered by AriesJWR 4 · 0⤊ 0⤋
Filing a W-4 as exempt just says that your employer won't take out income taxes from each paycheck, not that you owe anything less than you otherwise would.
2007-04-16 14:18:22 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Your employer is required to withhold ss & med. Depending on how much you earn, you may not be exempt from income taxes.
2007-04-16 11:58:29 · answer #3 · answered by Chaney Lake Girl 2 · 0⤊ 0⤋