16yrs old first job, filed single (1) on my w4 form.. how much tax gets taken out? i live in ny?

Question

i filed single & #1 for self dependent on my W-4 form, i live in NY how much money would get taken out of my paycheck? i get payed weekly... thanks

Answer 1

From you paycheck social security and medicare taxes are withheld at 7.65%.
The two withholdings that depend upon what you put on your W4 are federal income tax and state income tax. If your weekly check is $150, no federal tax is withheld even if you put 0 on W4. If your weekly check is $200, no federal tax is withhelf if you put 1 or more on W4.

If you put more allowances on your W4, your employer will withhold less federal and state taxes from your pay check, but your social security and medicare deductions don't change.

In January 2008 your employer will send you a form W2. It shows your total income and amounts withheld for various accounts (SE tax, federal tax, state tax...).

You will need to file your federal and state income tax returns in 2008 by April 15, 2008. The returns will show your total income (from W2) and your total federal and state taxes on that income (these tax figures has nothing to do with what you put of your W4).

Now if on W2 you paid more federal taxes than your federal tax liability as per your return, then you will get a refund. If on W2 you paid less federal taxes than your federal tax liability as per your return, then you must pay it.

Answer 2

No way to tell without knowing how much you make. But if you live with your parents and are not self-supporting, you should file single/zero or you take a chance on not having enough taken out, and owing taxes at the end of the year. If you make under $5350 for the year, you won't owe any tax so it won't matter.