someone explain how taxes work...

[FuZoR]

I got my first pay check from my crappy summerjob.. and good ol taxes took out a nice chunk from it. I never had a job on the books so i was wondering if im excempt from any of them... i thought if you made less then 5k a year you were..

anyways how does this crap work. I remember filling a W4 form.. hmm blah HELP Oh and do i have to file tax returns or any of that sort...

 

[gigapet]

in short

the more you make the more they take

 

[TJN23]

depends on the state...i believe our "poverty line" is 12k or 18k per year in income (i cant remember)...if u make below that in a year you're not considered a liability to uncle sam...u can then file for a return and get all (or most of) your taxed income back

 

[ElFenix]

Originally posted by: FuZioN
I got my first pay check from my crappy summerjob.. and good ol taxes took out a nice chunk from it. I never had a job on the books so i was wondering if im excempt from any of them... i thought if you made less then 5k a year you were..

anyways how does this crap work. I remember filling a W4 form.. hmm blah HELP Oh and do i have to file tax returns or any of that sort...

no, the gov't takes your money and spends it and then at the end of the year you get it all back

 

[Gunslinger08]

You should have marked tax exempt when you filled out the tax forms. It's like $7200 a year or lower to be exempt. Instead, you'll have to wait until about February when you get your papers from your employer, then file a tax return. You'll file the 1040 EZ found on the IRS website and get back all of your federal and state income taxes.. but not FICA or medicare.

 

[Ynog]

If they are taking Federal and State Income tax out, you can get all of it back during tax time.

When I was younger and had a crappy summer job i always had them take out the most
cause I knew I would get it back in the winter when I did my taxes. And I didn't have
a job then so a check for a few hundred bucks always was nice. Almost like having the
government forcefully save the money for me.

As for Social Security and other non-income taxes. Get used to it. They will be taxing those
out for the rest of your life.

 

[FuZoR]

thanks everyone. cleared up my confusion

 

[Gyrene]

What happens if your employer never sends you a W-2, and the IRS starts getting on your case about improper filing? Is that grounds to sue your employer?

 

[Encryptic]

Depending on your state's laws, you don't get taxes taken out if you make under a certain amount. This was the case when I was working a short-term after school job in high school.

If they do take taxes out, you're not exempt and your employer will give you a W-2 at the end of the year that you include with your state and federal tax returns.

 

[Ausm]

Originally posted by: gigapet
in short

the more you make the more they take

The U.S goverment is the biggest freeloader in the U.S.

ausm

 

[Gunslinger08]

Originally posted by: dtyn
What happens if your employer never sends you a W-2, and the IRS starts getting on your case about improper filing? Is that grounds to sue your employer?

By law they have to send you a w2 by February 1st.. if they don't, contact the IRS and let them know. They'll probably get fined, you'll probably get fired.

 

[Gyrene]

Originally posted by: joshsquall

Originally posted by: dtyn
What happens if your employer never sends you a W-2, and the IRS starts getting on your case about improper filing? Is that grounds to sue your employer?

By law they have to send you a w2 by February 1st.. if they don't, contact the IRS and let them know. They'll probably get fined, you'll probably get fired.

:Q Is there anyway to eliminate that firing part?

 

[dquan97]

Originally posted by: joshsquall

Originally posted by: dtyn
What happens if your employer never sends you a W-2, and the IRS starts getting on your case about improper filing? Is that grounds to sue your employer?

By law they have to send you a w2 by February 1st.. if they don't, contact the IRS and let them know. They'll probably get fined, you'll probably get fired.

I believe you're still supposed to calculate your income for the year even if you don't have the W-2. (Save your pay stubs)

If you want, you can attach a letter with your return, explaining the situation.

 

[Blain]

"I got my first pay check from my crappy summerjob"

Start a self directed IRA account NOW!
It's time to think about the future. Years down the line, you'll look back and be glad that you did.

 

[rgwalt]

At the end of the year, you will need to file both federal and state taxes. Depending on your income for the year, you will receive some or all of the taxes that you paid over the course of the year back. You will receive a form called a W-2 from your employer by the end of January. You will then need to get a copy of form 1040-EZ from the IRS (download off of www.irs.gov or go to the post office or library) and fill it out. The standard deduction for 2002 was $4700. For 2003, it will probably be larger. However, as a rule of thumb, if you do not make more than $4700 this year, you will receive all the federal tax back.

I don't know how taxes in New York work, but you may have state and local taxes withheld. If this is the case, you will need to file your state and local taxes to receive your money back. I don't know what kind of standard deduction NY offers, so I don't know how much you'll get back. In fact, you may owe money.

Welcome to the adult world.

Ryan