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First job and don't know what exactly I put on my w-4 help
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Holland     Reply with quote
Okay so my employer told me to put ''exempt'' on my w-4 and than l ask her If l would receive money back at the end of the year and she said ''NO'' I am dependent and my mom claim me.

In this question is where l put exempt...... so why they are taking out fed taxes??

They pay is bi-weekly $311 and m net pay was $265

7-l claim exemption from withholding for 2008, and l certify that l meet both of the following conditions for exemption.

Last year l had a right to a refund of all federal income tax withheld bec ause l had no tax liability and

This year l expect a refund of all federal income tax withheld because l expect to have no tax liab ility.
7
If you meet both conditions, write “Exempt” here

Dragon     Reply with quote
''Exempt'' does not mean u r exempt from income taxes - nobody is. It simply means that u have zero exemptions to claim on ur tax return (no dependents, & not even yourself because ur mother claims you). Being exempt from withholdings is something completely different, which is what u r looking at, & if u meet the conditions, the choice is completely up to you..but if u elect not to withhold, u may owe tax when April rolls around, & even worse, the IRS will penalize u for failure to pay ur taxes in a timely manner. Withholding taxes & getting them back as a refund in April (if applicable) will prevent any penalty & is what most people do simply to play it safe. You'd have to make around $5500 during 2008 to even have a chance at owing any tax, & it is late in the year already, so it is up to you, but I'd just let them withhold.

You will still owe the government federal income taxes based on what u make, so the amount can range from $0 (no tax liability like u had last year) if u do not make very much, up to 35% if u make a ton of money (however unlikely).

Depending on what u make during 2008, u may receive a refund, or u may not. For an average teenager making not much more than minimum wage for an average amount of hours, l would assume you'd get something back in April, but again, it depends on what u make.
Cat     Reply with quote
You do not put ''exempt' on the W-4. You enter the number of exemptions you are claiming, which might be zero if your parents claim you.

There is always at least some social security tax withheld which is 7.65% of your pay. The rest is income tax.
Blake     Reply with quote
As a dependent making $311 gross pay every two weeks, you are making too much to file as exempt unless you only worked a fairly small part of the year. File zero allowances on your W-4. If you just started fairly recently and did not have another job earlier in the year, then you'd probably be ok as exempt for this year, but change it to zero allowances in January.
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