Question

I filed exempt (but shouldn't have) on W-4. How much taxes will I owe?

Forum|Forum|6 years ago
August 23, 2019
2 replies
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I’m 22, I go to college and live in CA, and I'm claimed as a dependent, still live with my parents, my parents provide more than half of my support.

I worked part-time in 2018, filed exempt, made $7000 gross, and had no taxes withheld from my paycheck for 2018. I didn’t file taxes for 2018.

I work part-time this year, and filed exempt from January-May. In June, I started working more hours so I changed my filing status to single and claimed 0 allowances (instead of exempt). I believe that I will be making more than $15,000 gross by the end of 2019.

How much taxes will I owe? I just want to make sure I save money for how much taxes I owe because I WILL file taxes for 2019.

A

Anonymous_

Employee

Try TaxCaster at the link below. It should give you a reasonable idea of your tax liability.

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

A

Anonymous

since your income is considered earned income you will be entitled to the maximum standard deduction which exceeds $12,000 for 2019 leaving the excess as taxable income . the tax rate for a single person on about the 1st $10,000 in taxable income is 10%

for California the standard deduction is about $4,400 leaving the excess as taxable income. about the first $8,500 is taxed at 1% with the excess up to the next $12,000 taxed at 2%