Tax questions

[TopWargamer]

Long story short, pulled up my W2, and Sears (who I work for, and I hate it) took out money for social security and medicare and ya. Nothing was taken out for my income, like federal tax income. So yay, I ose the government money! Yes I'm going to talk to an accountant at Sears ASAP about this and get this changed, because I'm pretty sure was a mistake on my part because it's my first job, and I was confused, and ya. I'm taking this as a learning experience. On the bright side I've only been there for 4 months, so I shouldn't owe an outrageous amount, and I do have savings.

 

Anyways, how do I go about seeing what I owe and how I pay what I owe?

[cfair766]

If you made over 5k then you have to do taxes, lucky for me i'm a full time student and don't have a job so no taxes for me;)

[thatguyyouknow75]

Find an accountant, not one that works for Sears, and make sure everything is square. You don't want uncle Sam beating the money out of you

[thatguyyouknow75]

If you made over 5k then you have to do taxes, lucky for me i'm a full time student and don't have a job so no taxes for me;)

must be nice. Going to school until late at night and then getting up at 3am for work all day is a real drag after doing it for 2 1/2 years. Appreciate what you have

[cfair766]

I used "turbo tax" when i was working full time, they look up your records for you and it is a very short process 

[cfair766]

must be nice. Going to school until late at night and then getting up at 3am for work all day is a real drag after doing it for 2 1/2 years. Appreciate what you have

I do, I worked at a condom factory for about 5 months and had to get up at 2am every morning to work 15 hour shifts! One day at work they told me I need to work extra today and I will need to come in on the weekend too. That day for lunch I got into my car, drove home, turned off my phone, slept and waited until my school semester started

[StevenSensei]

To find out how much you owe you simply have to file your taxes. You can most likely get away with just doing the 1040-EZ form (I'm assuming you don't have business debt, a home, or other serious deductions). You might have to do a standard 1040 if you have student loan interest or education expenses to write off. You can file them online using something like turbo tax as well but the filing fee will cost you a bit of money ($40.00 or so). 

 

When you talk to your people at work you will want to fill out a new W4. If you are single you will want to claim either 0 or 1 deductions. They will take out more taxes if you claim 0 but you will likely not have to owe anything in future years and will probably get a small refund. 

 

Best of luck!

[TopDollar]

The most basic form of turbo tax is free online and eFile of federal taxes is free as well. State filing has a couple fees associated with it, but if you're from Florida, I believe they do not have an income tax.

Box 17 on your W-2 would be state tax withheld (0 for Florida), and box 2 is Federal income tax withheld.

I personally claim 0 to have the most amount of taxes taken out each paycheck, but get that difference back on my return.