Because my parents claim me as a dependent right so aren't they supposed to take out one tax? Becaue also i'm a minor i' only 17 years old
2007-07-09 03:52:54 · 11 answers · asked by lleytonsgrl 2 in Business & Finance ➔ Taxes ➔ United States
do not carry yourself as an independant, let your parents keep doing that. you are still theri dependant.
2007-07-09 04:26:38 · answer #1 · answered by lana s 7 · 0⤊ 1⤋
Being a minor doesn't change what taxes you owe.
They'll take out social security and medicare, totalling 7.5% of your income.
Depending on how much money you make for the year, you might or might not owe income taxes. If you make under around $5150 you can claim exempt on your W-4, then they won't take out federal income tax. Otherwise they'll take out federal income tax, and possibly state and local taxes depending on where you live.
2007-07-09 12:07:31 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
They take the same taxes out for everyone. NO matter the age.
Federal , State, Social Security, Medicare.
Depending on what state you live in , there may be other taxes if they are doing a big construction job. The only thing that changes is the AMMOUNTS based on how many you can claim. IF you live in your parents house. And they pay rent, utilities and food.... then they support you and can claim you as a dependant... because basically you depend on them to provide you with shelter and food. IF you were renting your own place , you are your own dependant.
2007-07-09 11:20:51 · answer #3 · answered by c_leoo 4 · 1⤊ 2⤋
They'll take out Federal and State Income taxes, Social Security, and Medicare. You'll get back all or most of the income taxes when you file depending on how much you make. The Social Security and Medicare you can kiss good bye though.
2007-07-09 11:01:05 · answer #4 · answered by John K 2 · 0⤊ 2⤋
You will se the following deductions from your pay:
Social Security Tax: 6.2% of your gross pay
Medicare Tax: 1.45% of your gross pay
Sometimes these taxes are combined on your pay stub. You have no choice regarding these taxes, and they are not refunded to you.
In addition, there may be very small amounts taken for unemployment insurance. These have the notation FUTA or SUTA. You will not be refunded these taxes.
You employer may also withhold taxes for federal, state, and local income taxes. You will need to file a tax return to get these taxes refunded to you. If you earn less than $5,350 in 2007, all of your federal income taxes withheld will be refunded to you, and probably all your state and local taxes as well.
Any item on your pay stub that you do not understand, your employer will explain to you.
2007-07-09 11:15:02 · answer #5 · answered by ninasgramma 7 · 3⤊ 1⤋
yeah social secyrity and federal withholdin you can file your own income tax return for a refund...check yes that someone can claim u as dependant...then parents still claim u and all works out
2007-07-09 10:58:01 · answer #6 · answered by angie devine 3 · 1⤊ 3⤋
What your parents claim is irrelevant. Your employer will deduct the applicable federal, state and local taxes, SS and unemployment withholdings.
2007-07-09 10:59:17 · answer #7 · answered by Jeff the drummer 4 · 0⤊ 3⤋
Welcome to the real world. You'll just have to pay taxes and like it, like it or not. If your parents claim you as a dependent, then at the end of the year you should be able to get most of the money back.
2007-07-09 10:56:33 · answer #8 · answered by Really ? 7 · 1⤊ 4⤋
i do believe they took out the same taxes if you werent a minor... at least they did when i was working as a minor... not sure sorry...
2007-07-09 10:58:01 · answer #9 · answered by im... a.... tool..? 3 · 1⤊ 2⤋
They'll take it all for the war soon. Say no to Bush!
2007-07-09 11:01:15 · answer #10 · answered by Anonymous · 0⤊ 6⤋