he is working part-time, and I am not sure how he should claim?
2007-09-04 03:15:40 · 3 answers · asked by chandrafam 1 in Business & Finance ➔ Taxes ➔ United States
Here's a paycheck calculator website that your son can use to see what he should claim on his W-4. He can claim exempt for federal and state withholding, but still will have to pay social security (6.2% of gross paycheck) and medicare (1.45% of gross paycheck). Also, if he is your dependent he will not get his personal exemption on his federal return.
2007-09-04 03:42:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
He can file that way if he doesn't anticipate paying any income taxes. He will still of course have to pay FICA and medicare taxes but if he files this way state and federal will not be withheld. This is generally best for part time workers who won't make but a few thousand dollars. If he makes more and lives with you and you claim him as a dependent he could have tax liability at year end.
2007-09-04 10:20:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If his total gross income for the year will be under $550, he can file exempt on his W-4 if all of his income is from his job. Otherwise he should file as single/zero allowances.
2007-09-04 11:06:37 · answer #3 · answered by Judy 7 · 0⤊ 0⤋