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    shhail2's Avatar
    shhail2 Posts: 5, Reputation: 1
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    #1

    Dec 1, 2009, 02:44 PM
    Why did my work stop taking federal taxes out of my paycheck?
    I work for a sporting goods store and only make 5,000 dollars per year. Last year I had taxes taken out of my paycheck, but this year starting about in April I started getting no federal taxes taken out of my paycheck. I have recently filled out a new w4 form and it didn't change anything, I still have no federal taxes withheld. I am a full time college student and my parents can claim me as a dependent. I also have no other sources of income that could be taxed. So I guess my question is am I in for having to pay taxes at the end of the year, or do I make so little that it doesn't matter?. thanks any help would be appreciated
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Dec 1, 2009, 02:47 PM

    Tax tables were readjusted this year to reflect a change in the tax rates. Its likely your income fell below the minimum for withholding.
    shhail2's Avatar
    shhail2 Posts: 5, Reputation: 1
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    #3

    Dec 1, 2009, 02:51 PM

    Does this mean that I am going to have to pay a good amount come tax time or will I come out all right?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Dec 1, 2009, 02:55 PM

    Not necessarily. If you are unmarried and filie as a single, then its unlikely you will owe fed taxes for only $5K
    shhail2's Avatar
    shhail2 Posts: 5, Reputation: 1
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    #5

    Dec 1, 2009, 02:57 PM

    I do, but I believe my parents claim me as a dependent... I still have state and othetr taxes taken out, just no federal... thanks
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #6

    Dec 1, 2009, 03:04 PM

    That your parents claim you as a dependent shouldn't affect things. You can use one of the free online tax calculators to get an estimate.
    shhail2's Avatar
    shhail2 Posts: 5, Reputation: 1
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    #7

    Dec 1, 2009, 03:06 PM

    OK thank you, I added it up on there and it said that I owed around nothing, but I wasn't sure if I did it all right... thanks again
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