I heard that if you're a full time student, then your tax exempt. and my boyfriend has a job and his manager told him that so he doesn't have any taxes taken out of his check. So for my new job, can i say that i'm exempt? or what can i do to make sure the minimal amount of taxes are taken off...my income is below 1,000
2007-06-09 07:57:54 · 4 answers · asked by KiKi 1 in Business & Finance ➔ Taxes ➔ United States
For federal taxes, if you will earn less than the standard deduction amount ($5,350 for 2007 single) for the whole year, and all your jobs, then you can claim exempt. If your BF is going to earn more than that, he needs to change his W-4.
This will only make you exempt from federal income tax. If your state has an income tax, you need to check to see if they have different requirements. Social Security and Medicare taxes will still be taken out from your check.
The IRS has a W-4 withholding calculator at http://www.irs.gov/individuals/article/0,,id=96196,00.html
2007-06-09 08:27:26 · answer #1 · answered by aj485 5 · 0⤊ 0⤋
You aren't tax exempt for being a full time student - you heard wrong.
You might or might not be exempt - that depends on how much you make for the year. Being a student has absolutely no effect on it.
If the "below $1000" you mention is your income for the year, then you can file exempt - you won't owe any taxes. If it's monthly, then you most likely will owe taxes. If you can be claimed as a dependent, then put zero on your W-4; if you can;t, put 1.
And do your boyfriend a favor - if he's a dependent and going to make over around $5300 for the year, or if he's not a dependent and going to make over around $8600 for the year, let him know that he'll probably end up owing some taxes, and if he filed exempt on his W-4 he did so illegally and can be fined for that.
If you are NOT a dependent, then you can get education credits on your taxes for part of your tuition and fees. If you can be claimed as a dependent, then the person who can claim you can claim the education credits, but you can't.
2007-06-11 11:43:01 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I am a full time college student and I am not tax exempt. Neither are the other college students I know. It might just be your state or his job that does this.
2007-06-09 08:03:20 · answer #3 · answered by jjc92787 6 · 0⤊ 1⤋
You must go to community college : )
2007-06-09 08:01:58 · answer #4 · answered by mksjmyd 4 · 0⤊ 2⤋