I'm 18 years old student working part time job.. making 7 bucks an hour.. I've been having federal taxes, state taxes, medicare, and north Carolina withholding taken out from my paycheck every week.. i make about 400~500 a month.. i will expect to make about 2500~3000 before i quit for college.. i have recently found out if i'm dependent, which means if i still live with my parents, i can be exempted from taxes by filing out a w-4 form...
my questions are..
1. if i file w-4 form, will i be exempted from taxes?
2. if i get exempted from taxes, then how can i get the taxes i paid for 3 pay checks?
2007-12-02 16:32:27 · 12 answers · asked by painnothing 1 in Business & Finance ➔ Taxes ➔ United States
have your parents claim you and they get more back, and jus take sum of that for them claiming you.
2007-12-02 16:35:46 · answer #1 · answered by Anonymous · 0⤊ 1⤋
1. New W-4 with exempt would be allowed. It's forward only. It only affects the federal taxes. (Social security and medicare are givens; your state may have it's own form.)
2. You would file a tax return next year to get a refund of the money already withheld.
Note, do you have any college savings? As a dependent you get a sliding standard deduction. It's a minimum of $850, a maximum of $5350 and the sliding amount is based on your wages plus $300. So if you had wages of $2500 and interest income of $400, you actually would owe taxes and couldn't claim exempt.
2007-12-02 16:41:44 · answer #2 · answered by Anonymous · 0⤊ 1⤋
You have cause and effect mixed up. The W-4 form doesn't exempt you from taxes. What it does, if you say "exempt" on the form, is tell your employer not to withhold any federal tax from your paychecks. If your income for the year is under $5350, then you can put exempt on the form - you won't owe any tax. If you made over that, you would owe tax, and it would be illegal to put "exempt" on the W-4.
If you don't have any tax liability, which you won't if you make under $5350, you can file a tax return, probably on a 1040EZ form, and get anything refunded to you that was withheld for federal income tax.
You might or might not still owe some state income tax.
2007-12-02 19:03:43 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
1. If someone can claim you as dependent, then your filing status is Single Dependent.
2. If you are going to make only around $3,000 in 2007, it won't make any difference to you if you are Single Dependent or Single Non-dependent. For your earned income, you will get standard deduction of $5,350.
3. Social security tax, medicare tax and CA SDI are deducted at a fixed percentages (6.2, 1.45 and 0.6) and it does not depend upon what you put on your W4. These taxes you have to pay, no choice.
4. What ever has been withheld for federal income tax and state income tax, you will get it back when you file your tax return. You must file your 2007 tax return before April 15, 2008.
5. You can't put "Exempt" on your W4 because the instructions on W4 says that if you are dependent and your income exceeds $850, you cannot claim exempt.
2007-12-02 16:48:03 · answer #4 · answered by MukatA 6 · 2⤊ 0⤋
You should be exempt because you are considered a full time student, and you haven't made more than $5000 for the year. You will get your money back with the rest of us. After April 15, 2008. Good luck and God bless.
2007-12-02 16:38:59 · answer #5 · answered by Tony K 2 · 0⤊ 1⤋
You should have filled these out when you started your job. But to answer your questions...
1. No, you will still be taxed, but for significantly less.
2. Sorry, you are out of luck. You will get some money back on your tax return.
2007-12-02 16:37:03 · answer #6 · answered by JE 4 · 0⤊ 1⤋
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2016-04-07 05:03:25 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You wont be exempt from everything. You will get most back in your refund after you file your taxes.
The W-4 form works a little different from how I think you are expecting it to.
You can find a copy here: http://www.irs.gov/pub/irs-pdf/fw4.pdf
2007-12-02 16:39:23 · answer #8 · answered by Jennifer T 2 · 1⤊ 0⤋
You MUST file taxes - you will likely get most of what you paid in taxes back because you'll be making under the limit which - last I checked - was $16,000 per year.
2007-12-02 16:41:40 · answer #9 · answered by Lex 7 · 0⤊ 2⤋
regardless of what you make an hour or in the year if you are in school you will recieve a paper from your college or request one from your high school and you will receive full tax back on federal and state taxes. dont take it to h&r block. take it to a local church or what not they will do it for free. or ask a family member were to get it done free.
if you are a FULL TIME STUDENT you are FULLY EXEMPT from FEDERAL AND STATE TAXES.
2007-12-02 16:44:21 · answer #10 · answered by Kablob 3 · 0⤊ 4⤋
Makes sense. If that's true I sure wish I'd done that with my job.
2007-12-02 16:35:29 · answer #11 · answered by Anonymous · 0⤊ 1⤋