Tax question from young person.?

Question

If I file taxes and my paycheck every week is 320.00 . The federal tax takes out $33.00. Social security takes $19.84, medicare is $4.60.

Would i get all of federal tax back from each week if i filed my taxes, right?

I really dont even know where to start on how to file taxes. Economics in high school didnt teach how to do taxes.

THANK YOU!!!

Answer 1

If you are a dependent, and your wages income for 2008 is more than $5,450, then you must file tax return.

Mostly you will file Form 1040EZ. Download this form from www.irs.gov are go through the lines. It is easy.

You can download form for 2007 only. For 2008, it will be available in 2009.

Read filing requirements: Read: http://taxipay.blogspot.com/2008/02/fili...

Answer 2

Next year you will fill out your 1040 (or 1040 EZ [easy]) tax form. This form will report all of the money you earned in 2008 from your W-2 forms from jobs, your 1099 INT and 1099-DIV forms from interest and dividends, plus any other income, reported on the appropriate forms and schedules. Taxes are due 15 April. The forms are usually available in January.

If you are owed money, you will be able to calculate how much  that is. Or the computer program you use will calculate it, or the person who fills out your tax forms will calculate it. There are even free programs on-line you can use to calculate your taxes (but these are good only for very simple returns, of which yours may be one).

Answer 3

No, at $320 a week you'll make $16,640.  You won't pay tax on the first $5450, but you are WAY over that,  so you'll owe somewhere around $1405 in federal income tax for the year.  You are having enough withheld to cover what you'll owe, plus around $300 that will be refunded to you.  This is if you are a dependent.  If you aren't a dependent you still won't get anywhere near all of it back, but would get a few hundred more.

Depending on where you live, you might also owe state and/or local income taxes.

Answer 4

You should get all of the federal taxes refunded, unless you are a dependent of your parents still.

Just fill out the 1040EZ, it is simple and you won't be itemizing anyway.

Answer 5

www.irs.gov