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Itemized Deductions Schedule-A


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Old 05-22-2011, 09:36 PM
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What Exemptions/Deductions Can I Claim for My W2?

I'm a college intern who is still a dependant of her parents and working at a finance firm this summer. The firm is located in a state that I am not a resident of, and is paying me $40/hour. This means that (before taxes), I'll be making roughly around $17,000 this summer.

I wanted to know if there are any exemptions or deductions that I can claim when I go into the office and fill out my W2/W4 forms? I there a way for me to avoid paying taxes, since I'm still a student? Thanks!



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Old 05-22-2011, 10:47 PM
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I wanted to know if there are any exemptions or deductions that I can claim when I go into the office and fill out my W2/W4 forms?---> I guess you, as a dependent of your parents, can claim 1 withholding allowance on your W4; you need to go and try to fill up the form W4 yourself.Your employer uses the information from W4 to compute the amount of income tax to withhold from your wages. RMEMBER; the number of withholding allowance(s) claimed on Form W4 may differ from the number of exemptions claimed on your tax return.
I there a way for me to avoid paying taxes, since I'm still a student?--->As a dependent of your parents, you need to file your federal return as long as your gross income is either; your unearned income is over $950 or your earned income is over $5,700, OR your gross income is more than the larger of $950( unearned income) or earned income $5,700( I mean $5,400+$300). So as your income is over $5,700; $17,000> $5,700, you need to file your return as single. As you are NOT employed by a school, college, or university where you are pursuing a course of study, you will have to pay the FICA Taxes, Soc Sec taxes, on your wages on W2( as you receive W2 , then your employer withholds FICA taxes, federal and state taxes from your paychecks.). Refunds are due when you have been overwithholding or have overestimated income or underestimated deductions, exemptions, and credits on your returns.



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