If you are a minor that lives with parents and has a job, is it true that at the end of the year, you get ALL of your taxes back from when they were taken out of your pay since you're still a kid living with parents?
My teacher says yes but my mother says minor or not, you do not get all of your taxes back.
2007-08-17 09:03:43 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
No, it is NOT true! Whether or not you get anything back depends upon how much was withheld and what your total tax liability is. If more was withheld than your liability you get the excess back. If less was withheld, then you OWE.
If your are a dependent and earn less than $5,350 from wages subject to withholding (2007 rates) then you will get all of the Federal income tax withheld back. The Social Security and Medicare are never refunded. If you earn more than $5,350 in 2007 you'll only get a partial refund if too much was withheld from your pay.
So, both your teacher AND your mother are wrong on this one.
2007-08-17 09:11:47 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Your teacher is not correct. Being a kid living with your parents does not give you everything back - whether or not you have any tax liability depends on how much you make, and whether or not you get a refund depends on how much you had withheld.
You get back the amount you paid in for federal income tax, minus whatever federal income taxes you owe. If you made less than $5350 for the year, then you wouldn't owe anything so would get all the federal income tax withholding back, otherwise you might get part of it back, of nothing, or might even owe.
The amount that's deducted for social security and medicare you will NOT get back. It might show as FICA on your check stub - same thing.
Depending on where you live, you might have a state and/or local income tax - if some was deducted, then if it's more that you actually owe you'd get the extra back, otherwise no.
2007-08-17 16:11:58 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
it depends on how much money you got all year and who is claiming you on your taxes are you claiming yourself? i think as a minor you probably have to have your parents claim you. are you under 18? as to weither you get all your money back or not. im not sure. all the taxes they withheld from you as long as you had a job i am sure you get them all back. good luck hope i helped.
2007-08-17 16:11:17 · answer #3 · answered by Fit 4 A King 4 · 0⤊ 1⤋
Mom is correct. If parents claim you as an exemption, you can't claim yourself, so ALL your income is taxable - file a w-4 with single - 0 and you'll get a small refund come tax time. Welcome to the real world. NEXT!
2007-08-17 16:09:40 · answer #4 · answered by Anonymous · 0⤊ 2⤋