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Question about Taxes

C

cchen

Diamond Member
Ok, so I'm a full time student. I got my first paycheck from my internship today. I made 1352 before taxes, and they took out a total of $390 to taxes. What can I do to have the very very least taxes taken out now? (I need the extra cash to start paying my tuition bills)
 
Claim more dependents on your W-4 to have less taxes taken out.

Although the government really deosnt care for you to be lying on your W-4, they would rather borrow your money interest free all year and you certainly dont want to end up owing money at the end of the year.

You had about 29% taken out, which sounds about correct.
 
file a W-4 form. this will help you change the amount of tax they take our from your pay check. Check with your HR first, they've prolly done that already.

BTW, welcome to the real world!!!:beer:
 
Is there a max number of dependents I can claim? An optimal number?

I used to claim exempt for my job at school and I only had like a dollar taken out of each paycheck... Can I do this here? (I know I might end up owing some next April)
 
Originally posted by: WinkOsmosis
I misread it as "Question about Texas".
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Well, you can't take bonus depreciation in Texas in most cases. So there you go for a question about taxes in Texas 😛

Full time student? How much will you make total (guess)? Probably won't owe much, if anything
 
i think it's managed through your payroll department. you probably had to fill out some tax-ish information for them when you started working. i'd go tell them that you aren't going to owe any taxes at the end so you can safely get it reduced if not waived.

if you pay too little over the year i think you end up getting penalized though, so just watch out for that.
 
Ok, so from the first paycheck, they took out 390 in taxes (total for govt, state, county). Like I said, I probably wont' have to pay any taxes or very little taxes. Since that amount is withheld already, would it be ok to just put the number of exemptions that would make my withholding $0?
 
If you are truly exempt you can have $0 federal taken out...however if you are not and have a large tax difference you could be penalized.
 
Originally posted by: sandmanwake
How can you claim more than one dependant if you have no family and you're the only one dependant on yourself?
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you can claim as many as you want, just that when it comes to tax time you have to justify those dependents, so you must have social security numbers for them. You'll wind up just paying taxes then.

i really don't see a way out of it. you'll wind up getting a lot of it back when you file next year so i wouldn't sweat it. i was a full time student also and during the summer i ALWAYS had a lot of taxes taken out of my paycheck, even when i was in summer school. oh well.
 
Originally posted by: ausm
Originally posted by: dquan97
is there a box that you can check off to claim "Exempt" from taxes?
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LMFAO if it is possible LMK I will use it 😉

Ausm
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I'm pretty sure there is such a box on the witholding form, since I claimed exempt while I worked in college (I made less than the standard deduction). Just be careful that in order to claim exempt, you should make sure that your gross income is around the standard deduction (add exemptions if you qualify).
 
One of the finance guys here just said to claim like 5 exemptions. That way very little will still be taken out and I'd still be fine. I know I'd get it back next April if I left it, but if I left it as is, I would not be able to make my tuition payments. :frown:
 
Yes, there is actually a box to claim tax exempt. However, you have to make under $7700 in the year for it to stay that way. If you make more, you'll have to file a tax return and pay up.
 
It not actually dependants you are claiming, it's exemptions. This is not for the 1040 filing boxes, but the small slip you fill out for payroll, the W4.
 
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