I made ~14,000 dollars last year(part time student) and had ~1000 witheld. I typed in all my info and it said... "you owe us a balance of ~100 dollars". Did my employer not take out enough?
Why do I owe money on my taxes???
- Thread starter bGIveNs33
- Start date
That seems a bit low.
A couple years ago, my yearly college-time income was around 12,000. I recall having around $1,200 taken out for Federal and $600 for State. Of course, I got about 25% to 30% of it back.
Is 1,000 both your federal and state or just federal? If it's both, then it's really low.
A couple years ago, my yearly college-time income was around 12,000. I recall having around $1,200 taken out for Federal and $600 for State. Of course, I got about 25% to 30% of it back.
Is 1,000 both your federal and state or just federal? If it's both, then it's really low.
iamwiz82
Lifer
- Jan 10, 2001
- 30,772
- 13
- 81
you are a dependant, so you must subtract 4700 from your income. You then pay taxes on the $9xxx. That should be right around $1100ish. You can live with this or you can go to your employer and ask for a new W4 to fill out. Claim 0 exemptions instead of whatever you claimed(probably 1)
My dad pays around 100k... my mom pays another 15k or so. I might've had to pay this year if my portfolio hadn't done so poorly...
K.... my dad claims me but pays me the difference between the two. He still comes out much better. What is the 0 exemptions opposed to 1?
iamwiz82
Lifer
- Jan 10, 2001
- 30,772
- 13
- 81
it doesnt really matter. 0 will have more taxes withheld which you will get back at the end of the year. Some people dont like doing this, but i enjoy having the nice bonus come back to me
. If you claim 1, less will be taken out for taxes, but you may end up owing uncle sam. EDIT: BTW, you only paid 7% of your income to fed. taxes, thats awfully low.
I just re-read your reply........the below scenario would apply to you but since you said your dad claimed you....I have to check up on it.
I think you are doing it wrong.
Seeing that you are just a college student, you should be using the 1040ez form.
With that, if you one claim you as if you were on your own, (i.e like if you claim 1(yourself) at your job) it should be fairly simple.
You take that $14,000 minus $4700(standard deduction) and minus $3000(dependent) then your TAXABLE income is $6300.
Looking at the tax table, your taxable income of $6300 is $641. So if they took out $1000 during the year you should be getting back $359.(1000-641).
I live in Florida and we don't have state income tax so I don't know anything about it.
Do you get get any of your state income taxes back ???
I think you are doing it wrong.
Seeing that you are just a college student, you should be using the 1040ez form.
With that, if you one claim you as if you were on your own, (i.e like if you claim 1(yourself) at your job) it should be fairly simple.
You take that $14,000 minus $4700(standard deduction) and minus $3000(dependent) then your TAXABLE income is $6300.
Looking at the tax table, your taxable income of $6300 is $641. So if they took out $1000 during the year you should be getting back $359.(1000-641).
I live in Florida and we don't have state income tax so I don't know anything about it.
Do you get get any of your state income taxes back ???
Mrpilot007
Senior member
- Jan 5, 2003
- 227
- 0
- 76
With all the changes the President is making to the taxes I would wait to figure my taxes until March.
Yea, that's exactly right. I wasn't claiming myself to begin with. I still didn't think I would have to pay anything. My dad will pay me for the difference(400 bucks). I did use the 1040ez form.... and I live in Florida as well
I just underestimated how much I would have to pay.
OK I just went and re-checked.
The problem here is that you let you dad claim you.....WHY???
You're obviously over 18 since you're in college.
Is he pretty much still supporting you right now ?? If he is, I can see why he he still claiming you since he will benefit from claiming you.
With that said, the new figure is $14,000- $4700(standard deduction) = $9,300. You don't get to subtract the $3000 exemption since your dad claimed you. Your TAXABLE income is $9300.
Looking up at the tax table, taxable income for $9300 is $1099, and since they only took $1000, yes your MATH is correct, you owe $100.
However, there is such a thing deduction for education expenses and such.
So if you or your dad did pay tuition and such thing during the year, you can use it to lower your TAXABLE income a little more.
I don't know how it exactly goes but I know you can do it.....look into it and good luck to you.
The problem here is that you let you dad claim you.....WHY???
You're obviously over 18 since you're in college.
Is he pretty much still supporting you right now ?? If he is, I can see why he he still claiming you since he will benefit from claiming you.
With that said, the new figure is $14,000- $4700(standard deduction) = $9,300. You don't get to subtract the $3000 exemption since your dad claimed you. Your TAXABLE income is $9300.
Looking up at the tax table, taxable income for $9300 is $1099, and since they only took $1000, yes your MATH is correct, you owe $100.
However, there is such a thing deduction for education expenses and such.
So if you or your dad did pay tuition and such thing during the year, you can use it to lower your TAXABLE income a little more.
I don't know how it exactly goes but I know you can do it.....look into it and good luck to you.
My dad payed for my pre-paid college plan.... he said he would pay the difference between claiming myself and him claiming me. He still benefits more out of that. He said I could claim myself if I wanted... but I don't really care as long as I come out the same.
Thanks for the help.
Hey, you never know, I live on $14k/yr or less for a long time....but of course I ran up my CC bill along the way.
I am dreading what mines gonna be. I claimed 2 for me n my wife. We are filing together and she claimed 0. We make roughly the same so I think I'm gonna be ok but I'm gonna fix that for next year.
I am going to owe abot $3500 or so hopefully not more. Does Uncle Sam allow you to make payments?
dullard
Elite Member
- May 21, 2001
- 25,605
- 4,111
- 126
Well by law you are required to have already made monthly payments (your paycheck should be deducted monthly). Yes if you forgot to do that (or didn't do it to a big enough extent), then you can fill out forms and make payments later on down the line, but they charge a heck of a lot of interest.
bGIveNs33: the government considers you to have no expenses. They feel that your parents are paying for everything you do (it doesn't matter if this is true or not). Thus your $14,000 in income in their eyes goes directly to wealth. You should be $14,000 richer in cash and goods than you were last year. Thus you owe taxes. If on the other hand you were independant, with a family, earning just $14,000 per year, then your expenses would probably be more than $14,000. Thus in their eyes, you'd be poorer than you were the year before. In that case, they don't take out much tax at all. To them, those are two completely different senarios.
Your employeer BARELY took out enough. By law you cannot owe more than 10% of what was taken out. $100 is 10% more than $1000, thus you barely met the requirement. Ask your boss for the withholding form (W4) and ask for $8 more per month to be withheld (so next year you won't have to pay in and you won't risk breaking the 10% law). The W4 form is here if you want to print it out yourself. Line 6 is where you ask for the extra $8 per month to be taken out.
They let you use CC to pay that off.
BTW, I think you could split it up in two payments or something.TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 23K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes Discussion Threads
- Started by Tigerick
- Replies: 18K
-
-
-
Facebook
Twitter