...when filing income for tax purposes.
2007-10-29 19:42:38 · 7 answers · asked by kkrudy1 1 in Business & Finance ➔ Taxes ➔ United States
By work study, I assume you mean having a job on campus in order to help pay your college bills. These jobs are regular jobs, and provide you with taxable, earned income. depending on what area or department you work in, and what type of college you go to, you may not be required to pay Social Security taxes, but you will be responsible for income tax.
If you are under age 25, but have a qualifying child, you can file a tax return and get a little Earned Income Credit. If you do not have a qualifying child, then you must be 25 in order to qualify for the credit.
Work study is simply the way the position was aquired. The school gives positions to needy students as a way of supplementing their income and providing an additional way to pay for school. They are typically jobs like working the register at the bookstore, doing dishes in the cafeteria, or janitorial work. A lucky few will work in libraries or labs.
Good luck with your education, and may the God of your choice bless you!
2007-11-06 05:14:06 · answer #1 · answered by Katie Short, Atheati Princess 6 · 0⤊ 1⤋
Their Irish kids with no SSNs are not going to get you squat in the first place. Adding dependents such as nieces and nephews that you have never claimed before is pretty much an automatic audit flag. The IRS appears be be clamping down HARD on EIC abuse this year. Phantom dependents and undocumented self-employment income are both generating a large number of CP75 notices from the IRS this year and from all appearances they are playing hardball now. It's still to early to say for sure, but my radar says that even withdrawing a claim won't get them off of your back or stop 10 year bans this year. I'll even wager that there will be a few prosecutions for some of the more egregious cases. IMHO, you're playing Russian roulette with 5 chambers loaded. And since you are ripping off MY tax dollars, I plan on pulling the trigger TWICE.
2016-03-13 08:35:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
What is "Federal Work Study?" Never heard of that. At any rate, it would be earned income so yes it would qualify.
2007-10-29 23:26:42 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes, it's wages from the college/university to you (assuming you used your federal work study & worked a job at the college/university--if you didn't work & didn't use your work study then no). Federal work study just means your financial aid pays for part of your wages for your employer (the college/university). However, you should have benefited because your wages when you are a full time student are exempt from social security tax withholding during the semester (not during breaks).
2007-10-30 02:29:22 · answer #4 · answered by Dee 4 · 0⤊ 0⤋
My work study starts in Fall. It is a student government position and so I get a "stipend" each month. Federal taxes are not withheld but state taxes are. I wonder if I will qualify for EIC.
2014-07-04 08:32:08 · answer #5 · answered by Steven 1 · 0⤊ 0⤋
I don't think so because it is technically a grant. You need to check with a tax accountant for this. On the otherhand, if taxes were withheld then it is earned income.
2007-10-30 06:13:10 · answer #6 · answered by Gypsy Girl 7 · 0⤊ 2⤋
Yes, it's taxable wages even though you don't pay social security and medicare on it. Unless you have a qualifying child though, you have to be 25 to get the EIC.
2007-10-30 03:32:36 · answer #7 · answered by Judy 7 · 0⤊ 3⤋