If I claim a One on my income tax will I be owing a lot of money at the end of the year?

Question

I work a full time job now getting paid 9.70 an hour.. Im 19 years old and live at home but will be living alone in the next couple months.. i just want to make sure that i wont be owing too much money at the end of the year.

Answer 1

If you were a fulltime student for any part of any five months of the year, your parents can most likely claim you, and you might owe a small amount when you file, maybe in the hundreds of dollars. This is because if your parents can claim you, then you don't get an exemption for yourself, and would have to pay since you claimed one, not zero, on your W-4.

If you were NOT a student, then your parents can't claim you, and you can claim yourself on your tax return, and if you claimed one on your W-4 you'll probably come out about even, or even get a small refund, when you file.

Answer 2

I would recommend claiming zero and then claiming yourself when you file. You will more than likely owe depending on what tax bracket you fall in and how many hours and months you worked for the entire year...

Answer 3

Well you should be about even. It depends if your company is withdrawing the proper taxes from your payroll checks.
The safe way is to claim 0. This way you always pay enough and can usually get some or all back when you file your taxes.

Answer 4

You'll probably owe something but not a lot. Go to your employer and change your status to zero on the W-4 form and you'll get a refund.

Answer 5

goto http://turbotax.intuit.com/tax-tools/ and click on the Tax Estimator and it will give you a pretty good idea of what you will owe or get back. I think you will prolly ending up getting money back not oweing

Answer 6

in your situation - filing Single and 1 exemption should give you a small refund