a tax form question

[nietsni3]

who has to file form w-4 and what is the purpose of this form

thanks

 

[daveshel]

The employer files the W-4 to authorize witholding from the employee's paycheck.

 

[CPA]

You don't "file" it perse, you fill it out for the employer. The employer uses it to determine your per paycheck federal tax withholding. It is required that the employer maintain one for each employee. For the employee, it is used to help insure that a good approximation of your yearly taxes are withheld over time. You can, though, technically, use whichever withholding standard you want. You just may end up paying a penalty at the end of the year if you under-withheld.

 

[nietsni3]

they are asking something about exemption. i dotn know what it means, but on line 7, they ask if i meet these conditioon:

-last year i had a eight to a refund of all Federal income tax withheld because i had no tax liability
-this year i expect a refund of all Federal income tax withheld because i expect to have no tax liability

what should i do with this?
last year i didnt file tax cuz i had no income. so i dont meet either one of them right? i filling out this form for workstudy at school.

 

[KillyKillall]

W-4 is really all about exemptions. If you're single and have no dependents, you're looking at 0 or 1..which means they will hold more tax out now and then you recover it at the end of the year due to over-tax.

 

[dullard]

Originally posted by: nietsni3
-last year i had a eight to a refund of all Federal income tax withheld because i had no tax liability
-this year i expect a refund of all Federal income tax withheld because i expect to have no tax liability

what should i do with this?
last year i didnt file tax cuz i had no income. so i dont meet either one of them right? i filling out this form for workstudy at school.

Since you had no income last year, you cannot be fined this year (no matter what you put on the W-4). Thus it is quite arbitrary. Put whatever you think is the best answer.

Do you think you will pay tax on your income this year? If so, don't write "exempt". You probably won't be making a lot of money, thus this may very well be true. But if you do write "exempt" and you do end up owing taxes, are you responsible enough to have money next April to pay it?

 

[CPA]

Originally posted by: dullard

Originally posted by: nietsni3
-last year i had a eight to a refund of all Federal income tax withheld because i had no tax liability
-this year i expect a refund of all Federal income tax withheld because i expect to have no tax liability

what should i do with this?
last year i didnt file tax cuz i had no income. so i dont meet either one of them right? i filling out this form for workstudy at school.

Since you had no income last year, you cannot be fined this year (no matter what you put on the W-4). Thus it is quite arbitrary. Put whatever you think is the best answer.

Do you think you will pay tax on your income this year? If so, don't write "exempt". You probably won't be making a lot of money, thus this may very well be true. But if you do write "exempt" and you do end up owing taxes, are you responsible enough to have money next April to pay it?

Dullard is correct. Do you have any estimate on how much you expect to be paid through Dec 31st of this year?

 

[chickchick]

you need it only if you'r employed. Seems I don't need it.

 

[welst10]

Originally posted by: chickchick
you need it only if you'r employed. Seems I don't need it.

correct. btw, welcome to AT. Post pics if you're a girl.