If I am a student living with my parents and I made $5,000...?

Question

this year at work, will I get all my state and federal tax withholdings back in 2008?

Please don't answer with "i dont know" or "look it up".

State is Minnesota

Answer 1

Assuming the $5K was not from self-employment, you'll get everything back that was withheld for income tax.

Answer 2

If you are under age 24 and a full-time student, your parents will claim you as a dependent on their tax return. Otherwise, you will claim yourself.

In either case, if the $5,000 was from wages, you will have a standard deduction of $5,350 and zero taxable income. So, you will get back all of your withholding.

If you are over age 25 without children, you may also get about $200 Earned Income Credit.

Answer 3

I was a tax auditor for a state Tax department for 35 years... retiring 2 years ago.... you live at home... therefore you CAN be claimed as a dependent on your PARENTS tax returns and cannot claim yourself... you are entitled to a PORTION of the exemption and standard deduction but NOT the entire exemption and deduction.... Usually you are allowed $3000 for your standard deduction as a DEPENDENT CHILD on your OWN return..... and your exemption would be somewhere near $750 (the amounts for deductions and exemptions MIGHT have changed this year and I have NOT received my tax packets for 2008 as yet... but when you get your FEDERAL taxes, check the instructions under exemptions and standard deduction for a person who CAN BE CLAIMED AS A DEPENDENT ON ANOTHER RETURN (your parents).... these figures are for the FEDERAL return... so, lets say you get $750 for your exemption and $3000 for your standard deduction --you would subtract $3750 gtom your TOTAL WAGES (you mentioned $5000... the remainder $1250 would be your TAXABLE INCOME ---remember this is for your FEDERAL return only and only if the standard deduction figures and exemption figures I used here are still accurate for 2007 taxes... You will get a schedule called a TAX RATE SCHEDULE and you will look on this table for your taxable income amount (the higher of the two figures shows---$1250 - $1300....... that is the amout of TAX you SHOULD have paid on the $1250.... Look at your withholding statements you will receive from your employer (commonly known as W-2's)... you will see it will say FEDERAL TAX WITHHELD.... that is how much the government took for your FEDERAL taxes..... you will also see a box that says STATE ... that will be the state withholding taxes that your STATE took from your wages... IF the tax on that $1250 (taxable income) is MORE then what you had withheld, you will have to PAY the difference to whichever tax entity this occurs for.... IF the amount from the tax table is LESS then what you had on the TAX WITHHELD BOX on your W2, then you would be entitled to a refund of the difference of what you OWED and what you had withheld... Example:


$1250 Taxable income....
Tax withheld on Federal TAX WITHHELD line of W2 - $80
Tax that is reported on the schedule as being owed----$60
this would get you a REFUND of $20....from the FEDS
same would hold true with these exact figures for the state amts. (usually they are lower then the Fed amts.)....

Example 2

$1250 taxable income
Tax withheld listed on the W-2 FEDERAL AMT ---- $80
Tax table states tax on this amount should be $90

You would OWE the feds $10..


Taxes are very hard to explain... I HOPE I was able to help

Answer 4

Not unless you file a federal and state income tax return. It also depends on your age and whether your parents claim you on their income tax return as a dependent

Answer 5

If all your income is from wages and your wages are less than $5350, you will get all of your federal income tax back.

Since you didn't list your state, even if someone is from your state and knows the cut off, they couldn't tell you....

Answer 6

you should, just remember to check the box that says you can be claimed by someone else as a dependent ( parents )