I am currently working as an intern, but being paid minimum wage. Do I still need to be registered for an income tax? Any sort of assistance, will be appreciated. Thank you in advance.
2007-12-13 15:36:02 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Whether you need to file or not is based upon your income and it's source. For example, if you are not the dependent of another taxpayer, and your only income is from wages subject to withholding, you don't need to file for 2007 if you earn less than $8,450. If you can be claimed as a dependent, that drops to $5,350. And if you are self employed, it drops all the way to $400. Other amounts apply for other filing statuses. If you work all year at minimum wage you will have some tax liability and will need to file if you are a single taxpayer.
See IRS Pub 501, you can get it at the IRS website, for complete details on the filing requirements.
Even if you don't need to file you should do so if any income tax was withheld from your pay to have that refunded to you.
2007-12-13 16:18:34 · answer #1 · answered by Bostonian In MO 7 · 3⤊ 0⤋
Yes, you should have filled out a W4 when you started working. You'll receive a W-2 from your employer sometime in January. You then will need to file a 1040-EZ with the IRS. Odds are with the low income you'll actually get a refund of your withheld taxes if you filled out the W-4, if not you'll owe. You need to do this by April 15th, but the earlier you do it the sooner you'll get the refund.
2007-12-13 23:42:51 · answer #2 · answered by jakeunited 1 · 0⤊ 0⤋
It doesn't matter if ur only at min wage if ur 18yrs. or older u need to file income taxes. Your job will send u ur W2 forms they have till january 31st 2 send them in. go to H&R block or go online there's a with holding estimater to see how much ur'll get back. u can only do this once ur w2 get's 2 ur house. U follow the instructions. If u get less than 100 theres no bother doing it until next year cuz' its $80 4 sum1 2 do it 4 u at h&r block. But then next year when u file u might have 2 pay a penalty and that will come out of what ur suppose 2 get next year.
2007-12-13 23:47:44 · answer #3 · answered by Anonymous · 0⤊ 2⤋
You need to pay income taxes everytime you made over $600 a year - I think.. So yes.. you probably do need too...
Even though, you probably will actually get money back,... and not actually have to pay...
2007-12-13 23:42:23 · answer #4 · answered by Nathan 2 · 0⤊ 3⤋