i am a full time student working part time making about 500 a month. what should i file on the W-4 form? my parents claim me on their tax return.
2007-11-26 17:24:30 · 3 answers · asked by ? 2 in Business & Finance ➔ Taxes ➔ United States
Single zero. You can't claim yourself on your return, so if you file single 1 you'll owe taxes at the end of the year.
2007-11-27 03:16:56 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
I would file single and 0. From my experience, I was in the same situation, I was going to school and working. My parents claimed me but I thought that I could claim 1 anyways. Well when tax time came around, I owed the IRS about $300.00 and State of MN about $150.00. To me at that time, it was to much....but I did learn a valuable lesson.
2007-11-30 10:19:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Single 1
Gee, W-4 instructions:
Line A....0
Line B....1
Total =1
Since each withholding allowance is worth about the same as a personal exemption, this should work fine. (Single 0 would tend to guarantee a refund, but it's not required.)
At $6000 of wages (no other income), your tax bill should be about $65.
2007-11-26 18:10:50 · answer #3 · answered by Anonymous · 0⤊ 1⤋