texes!!! HELP! i dont get it!!((im 16 with my first job))?

Question

so i get payed $6.91 a hour and i would 20 hour weeks
how much money will they take each month or week out of my check?!
also when income tax retuns comes in how much will i get?!
and dont say they wont take any money for taxes cause they said they would but didnt say what % they would take...

Answer 1

They'll take out 7.65 for social security and medicare. If you earn the amounts you show for all year, your federal income tax for the year will be around $200, which is about $4 a week. At the end of the year you'll file a tax return, probably on form 1040EZ, showing what you made and what was withheld, and calculating your tax. If too much was withheld, you'll get the extra back. If not enough was withheld, you'd have to pay the extra.

You should show single/zero allowances on your W-4 form. If you show one allowance, you could end up owing, since you are most likely still a dependent of your parents so you don't get an exemption for yourself. If you are going to make over $5350 this year, you'll owe some tax so can't file your W-4 as exempt.

If you are just starting the job now, you won't be making $5350 this year, so you won't owe any income tax, and if they withhold anything you'll get it all back (not the social security and medicare part, just the income tax). Or, if you'll make under $5350, you could file your W-4 as exempt for this year, and they won't take anything out for income tax - then of course you wouldn't get anything back either, since what you get back is just your overpayment.

Answer 2

I wouldn't worry too much about taxes this year. If you haven't already done so, you can claim "exempt" on your W-4 because you probably won't have any federal tax liability since your total earning won't be high enough.

You will still have 7.65% taken out for Social Security taxes though. Plus, you may still have state income taxes taken out. I don't know where you live. So, I can't give you any good answers for your state taxes.

In 2008, if you expect your total income to be greater than $5350, then you should fill out a new W-4 to have taxes taken out of your paycheck. You will need to claim Single 1 or 2.

Answer 3

What do you want everybody to say...that we agree with you or disagree with your parents? I agree with your parents. If you don't even attempt to work a part time job you will have no idea of the concept of your own selfworth. Compromise with your parents. Find a job that you like....go work in clothing store or a boutique. If you like theater find a job in the costume shop or manning the phones for the local theatre group. There are tons of options out there for jobs besides flipping burgers or doing something you don't like. Go find a job helping daycare provider. Even if you work a couple days a week or on Saturdays it will be enough to make your parents happy and give you some extra spending money. Who cares if your friends don't work? In the long run you will more experienced in the "real world" and also make your parents happy...which will make the next couple years go a lot smoother for you and you will have an income. It's not a bad thing!! Give it a chance and realize that your parents just want whats best for you. You will still have time for your friends and everything you want to do.

Answer 4

If you showed 1 dependant on your W4, they will hold out about 12 - 15 % (this will include social security). If you are a full time student, you will get the income tax back but not the social security. Just think of it as a good savings plan. Good luck!

Answer 5

You will lose 7.65% for Social Security and Medicaid Tax. Federal Withholding should be very little. You will probably have about $30 a month withheld. It is very complicated based on the W-4 form.

I use TurboTax to file my taxes. Go through FreeFile on irs.gov to use their software online for free.

Good Luck with your first job.

Answer 6

http://www.irs.gov/individuals/page/0,,id=14806,00.html

Handy calculator from the IRS. You need to know how many exemptions you have, though. Get that from your W4 form (you have to fill one out before you start). State total should be substantially less. You should get most of it back on your tax return.