I just landed my first job - what in the world do I do about my state and federal tax withholding?
By Staff Report - Dec 14, 2006
Dear Mr. Suffrin: I am 16 years old. I just got my first job at a pet store, but I am confused about the allowances section I need to fill out on the W-4 worksheet. If my parents are claiming me on their taxes, then what allowances should I claim? Also, can you explain to me the different taxes that will be taken out of my paycheck and what they are for? -Curious About Taxes, Destrehan
Dear Curious: The allowances you claim should be based on the amount of wages you receive. For practical purposes, if you will earn less than $4,500 for the year, you should tell your employer not to withhold federal and state income tax because you will not owe any taxes at year end.
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