I am getting a summer job, and I am gunna be making less than $8500 total what do i claim for taxes???

Question

I will be making under $5000

Answer 1

Regardless of whether you're a dependent or not, and you're making less than $5000, you won't be required to file a tax return as you won't owe taxes, so you can claim "exempt" on your W-4 under the assumption that you will not owe taxes at the end of the year and won't be required to file, and the employer will not withhold Federal Income tax. Depending on how often you get paid, they might not be required to withhold taxes regardless according to the Employer's Tax Guide.

However, if you for some reason do end up making $8500, and you're a dependent of someone else (your parents), you will be required to file. If you're a dependent and your earned income is over $5,350 for 2007 you are required to file a tax return. Otherwise as an independent individual, you would just skirt under the filing requirement of $8750, and could still claim the exemption from Federal withholding.

State taxes and filing requirements vary by state, so you would want to check with your state's department of revenue, or a trusted tax professional in your state.

Hope this helps!

Answer 2

If your total income for the year will be under $5000, and it's W-2 income not 1099, then you can probably claim "exempt" on your W-4 and they won't take out withholding for federal income tax.

State tax depends on where you live - that varies by state.

Answer 3

Are you talking about exemptions for withholding, or actually filing taxes?

If you're talking about filing, you will probably need to file to get a refund of whatever gets withheld, if anything does. You claim all of it, of course, because the IRS is informed of what you make by your employer, and you go to jail if you lie about it.

If you're talking about claiming allowances for withholding, look at Line 7 of the W-4:

"I claim exemption from withholding for 2007, and I certify that I meet both of the following conditions for exemption.
*Last year I had a right to a refund of all federal income tax withheld because I had no tax liability and
*This year I expect a refund of all federal income tax withheld because I expect to have no tax liability."

I assume you meet both criteria. If you do, you can put "Exempt" on the form, and they shouldn't withhold anything (except FICA and such, of course). You MIGHT still need to file a return; you'll need to check the 1040 EZ instructions in January. And you'll probably have state withholding and need to file a state return.

As always, consult a tax professional for accurate, up-to-date advice. I'm not one. :)

Answer 4

The law, at least here in OHIO is any income over 7950$ must be claimed. If you stay under that, you are legally allowed to not pay taxes.

Answer 5

in michigan any human making cver750 must claim it also states that if a company claims you regaurdless of how much you did or didn't earn it needs to be a least reported to our goverment!

Answer 6

it depends, if you are a student and u make less than 6,000 you dont need to claim it. but if u make under 10,000 they take money into "holding" and spit it back next year.