I just got a part time job that i'll work the whole summer and weekends when i go back to school-i'm 16 and i'll get 7.25 an hour-can i file exempt? I've never had a job before-so i'm not sure if i can or not.
2007-07-13 06:39:11 · 8 answers · asked by Britt 2 in Business & Finance ➔ Taxes ➔ United States
Yes you will not have any taxes owed, so you can put "exempt" on your W-4. This is assuming you do not have substantial income from investments.
Once you earn over $5,350 you are going to owe taxes.
2007-07-13 06:44:44 · answer #1 · answered by ninasgramma 7 · 1⤊ 2⤋
You can file exempt as long as you expect your total income for the year to be under $5350. Unless you're working an awful lot of hours a week, then you should be under that for this year. If you keep the same job next year and work ALL year, full time summer and part time during the school year, then you might well make over the limit so should file zero allowances rather than exempt.
2007-07-15 17:12:56 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
NO! I was the HR manager for a grocery store. The teenagers ALWAYS do this and then would come crying to me when at the end of the year the find out they owe tax dollars to the IRS. You should claim single and zero. That is the only way to avoid having to pay at the end of the year. There is no dollar amount that or age that makes you exempt from income tax. If you pay more in than you owe at tax time you will get a refund, which would be like a nice little bonus for you. Besides get used to paying now because you will be for the rest of your life anyway!
2007-07-13 08:52:54 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You can not claim exempt from withholding if (a) your income exceeds $850 and includes more than $300 of unearned income (for example, interest and dividends) and (b) another person can claim you as a dependent on their tax return."
The above is an exact quote from the top of the 2007 Form W-4 instructions.
2007-07-13 09:22:43 · answer #4 · answered by skipper 7 · 0⤊ 0⤋
You can, but you may wind up owing tax later.
It depends on how much you make in a calendar year. It is possible you may owe taxes. File as Single-1. If you get more withheld than you need, you get a refund when you file your tax return. Better than possibly owing money.
2007-07-13 06:47:49 · answer #5 · answered by Anonymous · 0⤊ 1⤋
You can put exempt on the employer's paperwork but come April 15th , you will owe tax $$ and have to come up with it then or pay extra penalties .
Make sure you set enough aside in savings to pay the tax bills (federal & state) come next spring .
2007-07-13 06:45:46 · answer #6 · answered by kate 7 · 0⤊ 2⤋
Go under your parents. It will help them and you as well. They are paying someone to do their taxes (I am guessing) and you will get better advice than on YA. Don't play with your taxes. Use a professional.
2007-07-13 07:55:31 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Yes you can. You are a full-time student who still lives at home and can be claimed as a dependant by your parents.
2007-07-13 06:44:49 · answer #8 · answered by Rell Smooth 3 · 1⤊ 4⤋