I'm single, don't have kids and will probably make around $10,500 this year. I'm a college student.
I don't care about getting a refund, I just don't want to owe.
2007-12-02 14:27:10 · 3 answers · asked by Judy 5 in Business & Finance ➔ Taxes ➔ United States
If you can be claimed as a dependent (and it's possible if you are college student and under the age of 24), claim 0 or 1.
If you cannot be claimed as a dependent, then claim 1 or 2. The lower number tends to ensure that you get a refund. The higher number means the IRS has less of your money all year, but if you have any other income, you could owe taxes and have to write a check to the IRS for the difference.
2007-12-02 16:06:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you are Single non-dependent, then you taxable income is only $1,750 ($10,500- $8,750). Your federal income tax is $175. You won't get any Earned Income Credit if you are under 25.
Check your total federal tax withholdings from your last paycheck stub. You will know if you will get a refund or you will owe.
On your W4, you can put 2 allowances. (A - 1, B - 1).
2007-12-02 18:13:53 · answer #2 · answered by MukatA 6 · 0⤊ 0⤋
Claim single/zero allowances.
2007-12-02 15:01:53 · answer #3 · answered by Judy 7 · 0⤊ 0⤋