I am a full time student, I'm 18, and I am going to a community college. I paid with a money order. I am on my parents health insurance, live in their house.
I work about 33 hours a week and so much of the money is going to taxes. on my earing statement I am paying for
federal income tax
socail security tax
medicare tax
MA State income tax
I know I have to pay for these automatically
through my gross pay is my Federal taxable wages.
Could I be able to get any tax exemptions/deductions on each paycheck?
are there any ways which when I file for taxes I can get a large sum of money back for the reason I go to school and am a full time student?
2007-09-28 09:28:09 · 4 answers · asked by Kevin D 1 in Business & Finance ➔ Taxes ➔ United States
There are some tax breaks for you as a full-time college student, but only if you cannot be claimed as a dependent.
You can be claimed as a dependent of your parents as long as you do not provide over half of your own support. Since you work 33 hours a week, perhaps it is true that you provide over half of your own support.
If you can claim yourself, you can take a deduction for Tuition and Fees, or the Hope Credit, or the Lifetime Learning Credit. This will reduce the taxes you would owe, it will not pay you money.
If you cannot take your own dependency exemption, then only the first $5,350 of your wages is exempt from federal tax. The rest is going to be taxed. Your parents will claim you on their taxes, and they can take the education benefits if they paid your education expenses.
The above applies until the year you turn 24 or cease being a full-time student.
2007-09-29 03:05:07 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
There are no deductions for you that will reduce your taxes merely by being a student.
Most likely you are being claimed as a dependent on your parents' return. This does increase your tax somewhat though lowers theirs usually by a larger amount. They are entitled to any educational credits or deductions since you are their dependent.
The only way you can get a larger refund at tax time is by paying in more tax from each paycheck. Making an interest free loan to the government doesn't make much sense though.
2007-09-28 16:35:09 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
No, there aren't breaks for being a full time student - your taxes depend on what you make.
There are educational credits (Hope or Lifetime Learning credit)available for college tuition and fees. If you can be claimed by your parents as a dependent (and it sounds like you probably can) then they get the credit on their tax return. If they can't claim you, then you'd get the credit.
2007-09-28 21:24:55 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
When you file your tax return you will be entitled to Hope Learning Credit which will help generate a considerably higher refund.
2007-09-28 16:35:38 · answer #4 · answered by Anonymous · 0⤊ 3⤋