Can I put exempt on my UC W-4/DE 4 form?

Question

I'm currently a college student. I'm going to be working part-time--20 hours a week--for $7.76/hour and I'm going to be claimed as a dependent under my mom. I've already handed in my W-4 and put exempt on it, so should I just leave it or change it?

Oh yeah, if I should change it, what should I change it to and how do I go about changing it.

Thanks

I'm guessing that I'm going to be working twenty hours a week for the remainder of the year since I will be here for Summer as well.

One more question: When they say I have to file a tax return if I make over $5,150 earned income, does that mean if i make more than $5,150 starting from January 1st until December 31st of the same year? For example, if I work 20 hours every week from now until December 31, 2007, I stand to make about $4,966, which means I do not have to file a tax return, right?

Answer 1

That's cutting it REAL close. If you go anything over 20 hours per week during the summer -- such as if you're not in class and have nothing else to do -- you're going to be in a world of hurt come tax time.

Answer 2

Read the top of the form - it explains exempt. That would say you don't expect to have to pay any tax for this year, and didn't for last year. If for 2009 you got back everything you paid in for federal income tax, AND if you're a dependent this year you expect to have total income under $5700 or if you aren't a dependent expect under around $13,350, you can mark exempt, otherwise no.