Why does my paycheck pay no federal income taxes?
I received my first paycheck, but for some reason the Federal Income Tax slot says 0. Should I be worried about the end of the year? Well, this is an on-the-side second job that pays me minimum wage and around 8-15 hours a week. And yes, as a college student, I am a dependent. So I guess that's interesting to know. And I wrote no allowances (0 for all A-H) and left the exempt box empty.
Public Comments
- How much will your annual income be? If it is low, you may not owe any taxes. If you make less than $5450, and are a dependent, you owe no federal tax. If you are single and not claimed by your parents and make less than $8850, you will owe no tax. What did you claim on your W-4 form?** TO add: If your total income will be less than $5450, you won't owe tax anyway. If some is withheld later, then you should file for your tax refund (1040EZ). ** Well, what will your total income from both jobs be? Is the first job withholding federal? If it is not, there is a box on your W-4 form that is for withholding additional federal tax, you can estimate the tax you wil owe on a sample 1040 form (or just go to the tax tables at www.irs.gov) and make sure enough is being withheld.
