So I'm gonna start a job soon. I'm gonna make 7.50 an hour and hoping for at least 20 hours a week. So that's like 150 a week and 300 every two weeks. But how much would I really make with all the taxes included. I also live in CA.
2007-10-21 10:10:23 · 3 answers · asked by bullsrfive 2 in Business & Finance ➔ Taxes ➔ United States
What does claiming one allowance means? I also live with my parents and is a full time college student if that helps. If I live with my parents do I have to claim being dependent. Will I make more money if I claim being independent or is that pretty much illegal?
2007-10-21 10:28:45 · update #1
How about this! It assumes that you are claiming one allowance on your W-4.
Bi-weekly Gross Pay $300.00
Federal Withholding $6.73
Social Security $18.60
Medicare $4.35
California W/H$0.00
CA SDI $1.80
Net Pay $268.52
2007-10-21 10:21:54 · answer #1 · answered by ? 6 · 0⤊ 0⤋
If you are a full-time student in 2007 (for one semester is sufficient), then you are going to be claimed by your parents. You do not have the option to claim yourself.
However, it really doesn't matter in your case. If you make $600 a month for the last three months of the year, you will not owe any income taxes. You will have to pay 7.65% to Social Security and Medicare, and a small amount for federal or state unemployment. So you should net close to $135 - $140 per week.
If this is your only income for the year, put "exempt" on your W-4 so income taxes will not be taken out. If income taxes are taken out, you will have to file a tax return to get them refunded to you.
In 2008, if you make $600 a month, then you are going to owe a bit of tax (under $200). You cannot put "exempt" on your 2008 W-4. Put "1" on your W-4. This will result in a small amount of tax taken out (may $10 every two weeks), and may cause you to owe a tiny balance due or get a tiny refund.
2007-10-21 14:08:01 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
If you are living with your parents and you aren't providing over half of your own support, then you are still their dependent if you are under 24 and a full-time college student. So no you can't claim yourself on your tax return, your parents can claim you so you can't. Claiming one on your W-4 makes sense only if you are going to be able to claim yourself, which you aren't, so you should cllaim zero. For 2007 if you haven't been working up until now, it probably won't matter since you won't have enough income for this year to owe federal income tax. But if you continue next year to claim one, you'd probably owe over $200 at the end of the year.
As far as what you'll make, go to paycheckcity.com and enter your info and it'll give you a pretty good estimate.
2007-10-21 10:49:57 · answer #3 · answered by Judy 7 · 0⤊ 0⤋