for taxes....?

Question

soo im getting a job and im under 18, so minor; and my employer wants to know if i wanted to claim exempt or zero. someone tell me what it is and which one i should choose.

employer: supermarket


thanks

Answer 1

If you can be claimed as a dependent by your parents or by anyone else, and you expect to make over about $5350 total for the year or will make over $850 and have unearned income (like interest or dividends) over $350, do NOT claim exempt.

If you are on your own and can't be claimed as a dependent, then you could claim exempt if you will make less than around $8600 for the year.

If you claim exempt, they won't take out any federal income tax from your check (they will take out social security and medicare no matter what you claim). The downside is that if you end up with any tax liability, you'll have to pay at the end, plus could be subject to a large fine for claiming exempt when you weren't eligible.

If you claim 0, they might or might not take out taxes, depending on how much you earn. If they take out more than you owe, you'll get it refunded to you when you file a tax return for the year.

Claiming exempt or 0 won't change the total you owe, but only when you end up paying it.

Answer 2

Don't claim zero - that's for people who will probably owe at year end because of outside/other income income.
If not exempt, then you can usually claim 2 -
1 for yourself and 1 for having only one job.
Basically your employer will withhold fed and state taxes from your paycheck based on an estimate on what you would owe if you worked the entire year.
If you didn't owe last year and if you wont be working the whole year and don't expect a lot of income, then you should claim exempt so your employer wont withhold fed and state income tax from you paycheck.
They still, however, will withhold social security and disability taxes

Answer 3

Claim 1 and then at then end of the year take your old clothes you no longer want and donate them to the salvation army, you will still get money back and also being doing a good deed at the same time. Salvation Army pays top dollar in tax relief for your donations...............

Answer 4

If you claim "0", they'll take more out of your paycheck for taxes but you'll get most of it back when you file your return next year. If you claim "1", they'll take less out per paycheck for taxes and you'll get less back next year when you file your return (if any).

Answer 5

0 if you want more back at the end of the year;
1 if you want the cash now and don't care if you have to pay

Answer 6

if you claim 0 then in Jan. when you file your taxes you will get everything back that you paid in... i have never claimed exemptso i dont know what that is... but claiming 0 means that you dont have any dependants and nobody can claim you...hope it helps some!! =)