I'm 17 years old.
I get federal income, social security, Medicare, and OK State income taxes taken out of my check.
I've heard that I can file something where I can get tax refund since I'm a minor, but that vary will might not be true.
2007-12-01 13:01:57 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I shouldn't make more then $5350 before I would have to file for taxes, but what would happen if I did? Would I not receive any back?
2007-12-01 13:13:07 · update #1
More than likely since your income is low, your parents will be claiming you on their taxes. The good news for you is: Go ahead and file your 2007 taxes (1040EZ form) and you can not claim any personal exemptions. You will claim "0". You will probably get most of your tax withholdings back. Do the same for state taxes.
2007-12-02 00:06:08 · answer #1 · answered by Gary 5 · 0⤊ 0⤋
You might get some of your federal income tax back, but might not. If you correctly put single/1 allowance on your W-4 you'll probably get something back. If you make under $5350 you'll get it all back. If you make over that, you'll calculate what tax you owe, then if they took out too much you'll get the extra back - if they didn't take out enough, you'd owe the rest.
Save for OK state tax - you might or might not get anything back depending on whether you paid in more than you owe.
It has nothing to do with being a minor - it depends on how much you made, and how much was withheld. You don't get any special break for being a minor. And sven_kir is WRONG - you aren't exempt from taxes because of being a full time student.
2007-12-01 14:53:33 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Assuming no other income, you can have $5350 in wages before you would owe federal income tax. If you made less than that, you would get the federal withholding back.
Social Security and Medicare won't be refunded.
2007-12-01 13:10:18 · answer #3 · answered by Anonymous · 1⤊ 0⤋
You will need to file tax returns in your own name. You may well get some or even all of the income tax withheld back as refunds.
2007-12-01 13:14:56 · answer #4 · answered by Anonymous · 0⤊ 1⤋
When you are a full-time student, you are exempt from taxes. It still gets taken out, but you get it back when you file your taxes. BUT you will not get any money back from Social Security or Medicare from your taxes, if I recall correctly.
2007-12-01 13:47:38 · answer #5 · answered by sven_kirk 2 · 0⤊ 3⤋