I am 16 and live in Wisconsin.
I just got my first job and I have to fill out some forms for the company. they ask me if im Tax Exempt. Am I? and is my W-4 status single? and do I have allowances? please help!
2007-04-17 00:45:57 · 3 answers · asked by Fletch 1 in Business & Finance ➔ Taxes ➔ United States
If you expect to earn LESS than $5,350 in 2007, you can claim EXEMPT as long as you have LESS than $300 in unearned income in addition to your job income. If there is any chance that you'll earn more than $5,350 or if you have $300 or more in unearned income (dividends and interest, for example) then you cannot claim EXEMPT from withholding on your Form W-4.
Since you are probably claimed as a dependent by your parents, you should claim Single and 0 on your W-4.
2007-04-17 01:12:58 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
I would assume that you are single if you're 16.
If you expect to make more than about $5000 this year, don't file exempt - you might owe taxes. Leave yourself a little cushion this way, so you don't owe at the end of the year.
Your parents can probably claim you, so file zero allowances since you won't get an exemption for yourself.
2007-04-17 04:27:20 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
You are probably exempt! You did not owe taxes last year and expect to not owe this year and a full time student. If you are exempt, you do not have allowances. It is an either/or answer. If you want that artificial savings account called a refund, do claim single - zero allowances.
beachcpas
2007-04-17 01:15:06 · answer #3 · answered by shrrley 1 · 0⤊ 1⤋