How much money do teens get back on tax refund???

Answer 1

If you are a full time student, you will get back all of the taxes you put in for Federal and State only, but NOT for social security, medicare, etc.

Answer 2

Teens, and everyone else also, get back what they had withheld, minus any tax they owe for the year, plus any refundable credits they might be eligible for (EIC or additional child tax credit).

Mister_galager and stuart don’t know what they are talking about. You only get everything back if you don’t make enough to have any tax liability for the year. For a teen who is a dependent, and whose income is from a job as an employee, that amount is $5350 for 2007.

Answer 3

You need to look at your paycheck. You will see Federal Withholding, FICA Withholding (Social Security), Medicare Withholding, State Withholding, and City Withholding (Local Withholding if applicable).

For the Federal you will need to file at the end of the tax year an Individual Federal Tax Form basically known as a U.S. 1040, for the State where you reside you may also have to file a State 1040.

The only way you will be able to receive a Federal and/or State Tax refund is if you have Federal and State withholding on each paycheck, for example you made $250 for the week, you have $25 withheld for Federal Tax, and $15 withheld for State Tax, if at the end of the year you overpaid you will receive a refund, if you paid just enough in taxes you will neither receive a refund nor owe, however if you did not have enough taxes withheld you may end up owing on Federal and/or State tax.

Find out if you are able to speak to a payroll person for the company you work for and make sure you are having Federal, State, and if applicable City Tax withholding.

Social Security and Medicare tax is tax withheld and when you reach retirement age you will receive a Social Security check with an amount for Medicare.

If you are doing well where you work you might want to look into a Roth IRA or investing in a Mutual Fund to save for retirement. Just a suggestion.

Make sure you save to get your taxes prepared at the end of the tax year at least $200, it might not cost $200 to have your taxes prepared but it is good to have extra saved. The person preparing your taxes at the end of the year will be able to assist you with any other tax questions.

The reason I state the above is because you are single and your filing status is single, you will have one personal exemption (yourself), and it is total gross earnings for the year and you do not have the information as of yet.

Do not lose your W-2s, anything with 1099 Div, 1099 Int, 1099B, 1099E, 1099T, anything which states it is a tax document, you will need to take with you to the tax office, also remember to take your Social Security Card, the tax person will need this to correctly fill out your tax forms.

Answer 4

If your son lives with you, although you can give your ex the exemption, NOBODY else can claim your son but your ex. He can NOT turn the exemption over to ANYONE else; that would be TAX FRAUD on his part. I'm not sure what he's trying to pull. I'd just tell him that if he does not claim the child that you will and he can pound sand. His refund will be captured and turned over to you anyway so there's no reason for you to give him any money. He's pulling a fast one. Edit: If your daughter lives with you, YOU claim the exemption, NOT him. The only exception to that is if you give him a Form 8332 or similar signed statement giving him permission to claim her. Tell him that he is not entitled to claim her without YOUR permission. BTW, a court decree that gives him the exemption in exchange for child support is contrary to Federal law. The IRS is required to ignore such a decree. I'd tell this bozo to put his "deal" in writing. He sounds dumb enough to do so. Once he does, file a fraud complaint with the IRS, using that as evidence. That should keep him hopping for a while.

Answer 5

If the teen is a dependent of his/her parents you'll need to complete a Standard Deduction Worksheet for Dependents to figure it out. In can be found in the Instruction Booklet for Form 1040. Look for information on Line 40. (Pages 34 and 35)

Answer 6

You get every cent you overpaid on your taxes. You have to fill out and file a tax return to get it, though.

Answer 7

depends on hpw much they have paid in, what tax bracket they are in, etc.