I live in Georgia if that matters. I've heard that if your under 18 and someone else is claiming you as a dependent then you get all state and federal taxes back. but which ones are they and am I right on this. I will seek a professionals help come april but I was just wondering for now. (&& yes I'll pick a B.A.) Thanx!
2007-07-29 20:18:42 · 4 answers · asked by James H 1 in Business & Finance ➔ Taxes ➔ United States
what you won't get back is social security taxes, 6.2% of your paycheck, and medicare taxes, 1.45% of your paycheck. Depending on how much you earn at Kroger you might get back all or part of your state and federal withholding taxes.
2007-07-30 03:27:50 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Whether or not you will get anything back depends upon your tax liability and how much is withheld from your pay. If more is withheld that your liability, you'll get a refund. If less is withheld, you will owe.
Whoever told you that you'll get it all back doesn't know what they're talking about.
In your situation, you are almost certainly claimed as a dependent by your parents. That will actually INCREASE your tax liability since you lose your personal exemption. Unless you are claiming Single and 0 on your Form W-4 there's a fair chance that you could actually owe money at tax time.
As a dependent, if you have more than $5,350 in income from wages you will have some tax liability. If you were not a dependent, you would not owe any tax until your income reached $8,750.
You won't need professional assistance in filing your tax return. Pick up a copy of Form 1040-EZ and the instructions that go with it. It should take you less than 30 minutes to read up on it and fill in the form and file it. If you go to one of the storefront tax prep mills like Block or Hewitt they'll just take about $50 from you to do what you could do yourself. And if they prepare your state return, figure at least $75 to $100.
2007-07-29 21:40:44 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 1⤋
You are under 18, and someone claims you as a dependent, and now you are earning some money at Kroger.
You will not pay federal income taxes on the first $5,350 of your wages. If you make less than that, you will get all of your federal income taxes back that have been withheld from your paycheck. You have to file a federal tax return to get a refund.
If you make more than $5,350, you will not get all of your federal income taxes back.
There are some taxes that you will not get back. Social Security Tax and Medicare Tax total 7.65% of your pay and are not refunded to you.
The State of Georgia will not tax the first $2,300 of your income (it may be slightly more for 2007). After that, a small amount will be taken out (maximum 6%). You will get a refund of the extra taxes taken out when you file a state tax return.
2007-07-30 02:59:52 · answer #3 · answered by ninasgramma 7 · 0⤊ 1⤋
You heard wrong - or at least what you heard was incomplete. Whether you get back all the state and federal taxes depends on how much you make and has nothing to do with being under 18.
If you are a dependent, you'll get everything back for federal if you make under $5350 for the year - if you make over that, then you'll owe some tax so they'll keep some of what was deducted.
2007-07-30 05:56:11 · answer #4 · answered by Judy 7 · 1⤊ 1⤋