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| *Ostroff, Fair and Company>>>United States Taxes |
How do I fill out my (2007) w-4 form? |
I am 16 years old and I just got a job.My employer has given me a w-4 form and I have no idea how to fill it out.Can you go tohugh the steps with me?Can I claim exempt?If not,what should I do?Please help! You can probably call yourself exempt because you won't be making a lot over the course of a year. Just to be safe, you might want to indicate "1", just so you are covered. It has to do with how much taxes they withold. If they don't withold enough, you might owe at the end of the year, but if you are only 16 you aren't working full time so you should be fine. Federal minimum wage for 20 hours a week is enough to have a tax liability. DO NOT claim exempt. Read the instructions on the form. It says you can't claim exempt if another person can claim you as a dependent on their tax return. If you're 16, your parents probably can, so no, you probably can't claim exempt. On the form, fill in your name, social security number, and address. In box 3, check "single" (I assume that you are). In box 5 put zero, also in box 6. Sign and date the form. Give it back to your employer. To be on the safe side, fill in 0 at all designated places on the form, a higher tax will be withheld, but it is better as you will get your refunds back when you file taxes next year, better than claiming yourself and your parents claiming you also, thereby leading to a situation where you will owe the IRS more at the end of the year. Just play safe and enter 0. |
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