on your W-4 and and state tax forms for part of the year and don't file taxes for that year? Also, is there a way to find out how much money will be deducted from your paycheck for tax purposes?
2007-09-19 04:23:10 · 6 answers · asked by Applered24 3 in Business & Finance ➔ Taxes ➔ United States
Your earnings will still be reported to the IRS whether you claim exempt or not - that just controls whether any income tax is withheld or not. If you don't file but your earnings were below the level where you were required to ($5350 if you're a dependent, $8750 if you're not, for 2007) then nothing happens, what you did was fine. If your earnings are above those amounts so you were required to file, you'll eventually hear from the IRS assessing you the tax you owed, plus interest and penalties - this could take awhile, even a year or two before you hear from them, and by that time the interest and penalties could really add up - also, you could then pay a substantial additional penalty for filing exempt when you weren't.
The above is for federal. States usually follow a similar process.
If you filed exempt for part of the year but had enough taxes deducted during the rest of the year to cover what you owe, nothing will likely happen, you'll be OK. If you didn't have enough deducted, you'll hear from the IRS and the state.
Use paycheckcity.com to see what taxes will be taken from your paycheck.
2007-09-19 04:31:20 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
To determine withholdings and net paychecks, here is a great web site for doing just that:
http://money.aol.com/calculators/paycheck-planning.
I would never recommend you don't file taxes, you may well face serious financial implications that may be life long. If you are a full time student working part time and you have never had tax withheld you may qualify for exemption from withhholding, although you are still liable for payment of any taxes. It is rare to be exempt from taxes.
Withhhold and pay your taxes is the best advice I can give to you.
2007-09-19 04:35:59 · answer #2 · answered by Michael R 2 · 1⤊ 0⤋
it really depends if you are going to owe any taxes beyond $500.00. if you do then there will be some penalties. Other factors like owning a home, etc can effect the bottom line. Personally, I don't pay any taxes out of pocket. I have seven exemptions, make about $50k a year. and am partially self employed. My child tax credits pay my Social Security taxes!! It doesn't really matter how you claim during the year as long as you don't owe more than $500 when you file your tax return. if you need help with your taxes. I know a good tax man!!
2016-03-13 04:57:41 · answer #3 · answered by ? 4 · 0⤊ 0⤋
How come you didn't file your taxes? I bet you had some tax withholdings for Federal and State taxes. Some people do not realize that they might not have to file taxes because their incomes are low but you have to file to get all of your tax withholdings back. Also, if you are least 25 and have job earnings you may get some Earned Income Credit as well. Go and file your federal and state taxes. I can not answer your second question because you do not give enough info.
(Your age, martial status, number of exemptions claim, wages, frequency of your pay periods, and other income)
2007-09-19 05:47:24 · answer #4 · answered by Gary 5 · 1⤊ 0⤋
When the government gets it copies of your W-2 and sees that (1) you had enough income to be required to file, (2) you had either nothing or too little withheld, and (3) you did not file, then either they sue you or send you to jail. If it is a small amount, they might first offer you the option to pay the amount that you owe, plus interest, plus a substantial penalty.
2007-09-19 07:27:50 · answer #5 · answered by StephenWeinstein 7 · 1⤊ 0⤋
If I claim exempt. Can I still get unemployment after the job is over with.
2014-08-02 02:02:16 · answer #6 · answered by Anonymous · 0⤊ 0⤋