Taxes did I do them correctly?

Question

Im n college n just started a new job.When I filled out my W-2 form I said zero for being claimed as a dependent. And exempt from taxes. But I notice on my check that they dont take anything out for federal or state tax. I really didnt know how to fill it out. Im confused. So will I get anything back on a tax refund??

Answer 1

In order to get a refund, you will have to pay in more taxes than you owe. If you can afford to pay at the end of the year, then keep your money and pay your taxes when April 15th comes around. Why let them have your money all year, if you can pay your taxes at the end of the year.

Answer 2

Claiming zero was correct. Exempt is OK as long as your income for the year won't be over $5350 - if you will make more than that, you are NOT exempt - that's the TOTAL income for the year, not just from this job, so if you had any other jobs this year, you have to add them all up. Being a college student doesn't make you exempt, it just depends on how much money you make for the year.

A refund would give you back your overpayment of taxes if your withholding was more than you end up owing. If you don't have anything withheld, there is obviously no overpayment - so no, you won't get a refund.

It's a W-4 form, by the way, that you filled out, not a W-2. A W-2 is what your employer gives you at the end of the year to show what you made and your deductions.

Answer 3

If you are under 18 years of age your parents have to claim you for the dependency exemption. If your parents are paying for your college expenses they will be eligible for the Hope or Lifetime Education Credit on their tax return. Parents are able to claim their child(ren) up to the age of 24 as long as he/she/they are a full-time student in an accredited college.

You filled out a W-4 for Federal and State purposes and claimed zero for an exemption amount.

Your paystub shows nothing in the Federal and State withholding and you need to speak to someone in payroll and ask why they are not withholding Federal and State taxes from your wages.

If they state you are not making enough money to have any withholding amount withheld let the payroll person know you want to change your W-4.

The W-4 will have a line at the bottom asking you if you want an amount withheld from each check. You can have a dollar amount for Federal and State withheld. This might be a good ideas because you do not want to owe at the end of the year. Maybe you are able to have $5.00 for each week for Federal and $3.00 each week for State.

You are not able to claim yourself as a personal exemption if you are 1) under 18 years of age or 2) under 24 years of age and your parents claim you as a depedent.

It may be a good idea to have payroll withhold for Federal and State taxes.

Answer 4

They're not taking anything out because you claimed EXEMPT on the Form W-4. If your total income for the year will be less than $5,750, that's probably OK. However if you earn more than that you are NOT exempt and cannot claim EXEMPT. File a new W-4 with your employer without claiming EXEMPT.

Answer 5

That doesn't sound right...If you put zero exemptions they should take out more $ from your pay, then you most likely will get money back come Tax Day.
If you are not claimed as a dependent on anyone's taxes (like your parents') then you are the one exemption for your own. But even if you say "0" they should take out more taxes from your pay...talk to payroll or HR about it...some ppl prefer them to take out more taxes now, so they put "0" because then chances are you will get money back when you actually file...

Answer 6

How will you get anything back ,
If they do Not take anything out ?

And you say you are in college ?

hmmmmmmm

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