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Do I keep full paycheck?

Author : Jesus

Submitted : 2017-06-13 03:00:01    Popularity:     

Tags: full  paycheck  

I am 16 years old. I am working at a golf course over the summer, 40hrs/week, and I expect to make no more than $3000 in income by the time I finish. To my understanding, I do not have to file taxes. Do I get to keep my full salary, or do I still have to

Answers:

no matter how old you are, whether you are exempt from income taxes, or how much you make, the FICA taxes are withheld on everyone, when you get your check, it is a net amount and of course, that is all yours

FICA taxes (social security and medicare) start on the first dollar earned and are not refunded through a tax return. Those rates are 6.2% for SS and 1.45% for medicare for a total of 7.65% off the top of every paycheck that you won't get back.

When you start the job you will turn in a W4 form. You can skip the allowances worksheet and just write "exempt" on the bottom line then sign it and turn it in to your employer. They shouldn't withhold any federal income tax. There should be a similar form & process for your state taxes.

If your employer does withhold federal income taxes then you'd need to file a tax return at the end of the year to get the money back. You won't be legally required to file a return, but its the only way to get that money back and you would qualify for a free return through any major tax software program so there would be no reason not to file.

FICA taxes will be withheld from your pay. Everyone pays those on all earned income.

Your income will be below the filing requirement if it's your only income for the year. IF any federal income tax is withheld, you will need to file a return next year to have those refunded to you. If none is withheld, there's no need to file a return.

You may have a state tax liability as well. Can't say without knowing what state you live or work in.

You don't get to keep every penny. You MUST pay Social Security/Medicare, just like everybody else. If your state imposes unemployment/disability insurance premiums, you pay that.

If you know for a fact that you will earn less than $6,300 for the year, you can fill out your W-4 and put 'exempt', and you will not have any state or federal income tax taken out. But if you are already having those taxes taken out, you can't change to exempt once you already started the work year with something else. You WILL have to file a tax return next year to get that tax money refunded.

You don't have to file income taxes. They'll take social security and medicare out of your paychecks. If they take out income tax, you can file to get federal back, and maybe state depending on where you are.

You still have to take out the deductions.

No. Tax is still withheld.

Everyone pays Medicare/Medicaid (FICA) taxes on income. You will have local taxes withheld (City, State) and Federal. You will have to file State and Federal taxes to get a refund. There is no refund for Medicare, Medicaid or City taxes.

You will need to pay FICO, which will be deducted from your check. It you want that money back, you will need to file taxes. Welcome to the World of being Grownups.

There will be deductions. You will still need to file taxes to get a refund.



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