im am 19 years old and i just got hired at a retail company. my boss handed me a w-4 form and told me to return it before i start to work. this is my first job ever. am i exempt?
2007-12-01 22:26:07 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Just fill it out. Claim 0 for the IRS to owe you cash. Put in claim 2 if only job, and may owe the IRS.
I did the 0 and the irs owed me $300 one year. Money I needed all year long for groceries and they held onto it for free!
So now I claim at least 1. One year I said 2, I owed the IRS gov't $27.00.
Better yet call the IRS and ask them.
2007-12-01 22:33:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You are not exempt from tax unless you expect to make less than $5350 in 2008.
You can safely claim either 1 or 2 allowances on your W-4.
2007-12-02 08:53:10 · answer #2 · answered by Steve 6 · 2⤊ 0⤋
Well, if you are still in school, your parents can still claim you (until you are 24). With that being said, you would claim 0 on your w-4 form. If you are not going to be claimed by your parents you can still choose 0 as dependents or you can choose 1 (yourself).
When you choose 0, more taxes are taken out throughout the year, therefore you get more money on your return. When you choose 1 or more dependents, they take less taxes throughout the year, therefore you may end up having less on your income tax or may even end up having to pay.
2007-12-02 06:41:34 · answer #3 · answered by Hilda S 3 · 2⤊ 0⤋
If you are a dependent of your parents put zero, otherwise put one. If you are 19 and were not a full time student for any part of 5 months of the year, you are no longer a dependent of your parents so would put one - If you're in school full time, then you probably are a dependent so would put one.
If you expect to make under $5350 for the year if you are a dependent, or under $8750 for the year if you aren't, you can put exempt.
2007-12-02 09:52:49 · answer #4 · answered by Judy 7 · 2⤊ 0⤋