Please help me with this situation?

Question

I am 17 years old. I have 3 siblings and 2 parents who are dependent on me. Though my father works, he doesn't earn enough to support the family therefore I play a big role in the family financial. The problem is that where I work, every week, around $100-$150 dollars is taken off from the paycheck for taxes. I need every penny I can have to help out my father. How can I lower the tax rate? Thanks in advance. Serious answers only please.

Answer 1

If your getting too much taken out you can reduce your withholding on your w-4. use this link to find out if you're overpaying and click on IRS Withholding Calculator.

Answer 2

Claim zero deductions.  Usually that'll get you the most cash on hand but you will be hit hard when it's time to file income taxes.  If you know you will have the money to pay the taxes, you can do this.  Otherwise, it is far better to have the tax deducted because you won't default on your tax due.  And, the more deductions, the bigger the refund, but it isn't a very good way to save.

Answer 3

How much do you make each week?

How much do you expect to make this year?

If you make more than $5450, you need to ensure that your withholding is enough to cover the tax liability.  (Fica/Mc will not be refunded.)