What happens when federal taxes are not taken out of my pay check?
November 8th, 2009 | by admin |
I am a recent graduate with a degree in Elementary Ed. I did not get a job this year so I am substitute teaching. Federal taxes are not taken out of my pay check. Why is this? Am I going to need to save part of my tiny pay check so I can pay my federal taxes later?
What could happen is that you would owe IRS a small amount. Visit IRS website and use the withholding calculator (www.irs.gov) and then download W4 withholding allowance and provide to your employer to have taxes withheld.
Good luck!
4 Responses to “What happens when federal taxes are not taken out of my pay check?”
By travelguruette on Nov 8, 2009 | Reply
Your pay could be low enough they dont have to take them out. The standard deduction for single is 5700 and the personal exemption is 3650. Add those and any earnings below that are not taxed. If you are married or have kids, are over 25, etc affects this.
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By v b on Nov 8, 2009 | Reply
Plus, if you are not a dependent, there is a $400 making work pay credit. That means if you are not a dependent, you could make up to $13,350 before owing federal income tax.
However, if you graduated in May, you need to carefully determine if you supported yourself or not–if yes, you aren’t a dependent. If not, your income tax starts at $5700.
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By Great Scott on Nov 8, 2009 | Reply
Is is possible you could owe tax when you file, but without more info there’s no way to know.
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By Ms. Angel.. on Nov 8, 2009 | Reply
What could happen is that you would owe IRS a small amount. Visit IRS website and use the withholding calculator (www.irs.gov) and then download W4 withholding allowance and provide to your employer to have taxes withheld.
Good luck!
References :