2010 college tax exempt income amount?
- BobbieLv 71 decade agoFavorite Answer
Go to the www.irs.gov website and use the search box for Student's Page - College Bound
If you are still a full time student living with your parents and you are their qualifying child dependent on their correctly completed 1040 federal income tax return just be smart and when you fill out the W-4 form do not worry about doing the worksheets just claim single and -0- ZERO. That way the next year you will be able to start the learning process of preparing your own 1040 income tax return correctly and completely and you may qualify to get a refund of some of the withheld federal income tax amount.
When you file your 1040 tax return and you are a QC dependent of another taxpayer you will be allowed to claim your self for the exemption amount on your correctly completed 1040 income tax return. On the 1040 page 1 you will find a box that you will have to check to indicate that you are a dependent of another taxpayer and on the 1040 tax return line where it asks for the exemption amount you will have to enter -0- ZERO for that tax year. Good luck to you.
Your First Job
At the end of your first week on the job you get your paycheck, only to find out that a chunk of money is gone.Your employer has taken out, or withheld, the taxes you owe. Employers withhold money for federal income taxes, social security taxes, and state and local income taxes in some states and localities.
Taxes are payments of money to the government that provide public goods and services for the community. Some examples of public goods are national defense, street lights, and roads and highways. Public services include welfare programs, sanitation, law enforcement, and education.
When you start a new job, your employer will ask you to provide information on Form W-4, Employee’s Withholding Allowance Certificate. This will help your employer determine how much money to withhold from your wages.
By January 31 of each year, your employer (even if you don't work there anymore) will give you a Form W-2, Wage and Tax Statement, showing how much you earned in wages, tips and other compensation from the previous year. It will also show the state and federal taxes, social security, Medicare wages, and tips withheld. You will need this form when you file your tax return.
- troLv 71 decade ago
unless you are in an exempted employment on the campus there is no amount
merely attending college and working does not exempt you from taxes, it depends on the type of employer that you are working for
- Anonymous1 decade ago
If you are a student working on campus, your income is exempt from fica/mc, but not from income tax.