How much tax do I have to pay at 20 years old?

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  • How much tax do I have to pay at 20 years old?


Answer #1 | 21/12 2013 16:01
If you are not a full time student for parts of at least 5 months of 2014, you will not be a dependent, so the 1st about $10000 will be income tax free
Positive: 50 %
Answer #2 | 21/12 2013 14:53
Tip income is another problem also at this time in your life BUT the best Guesstimate that I can give you using your estimated 1 week Gross wages earnings for this purpose and time. W-4 should be filled out as SINGLE and -0- ZERO Allowances for this purpose and for the 2014 tax year federal income tax withholding amounts ONLY. 500.00 Gross before taxes Salary Paycheck Calculator Your Pay Check Results Weekly Gross Pay $500.00 Federal Withholding $60.07 Social Security $31.00 Medicare $7.25 Florida $0.00 Net Pay $401.68 Hope that you find the above enclosed information useful. 12/21/2013
Answer #3 | 21/12 2013 15:37
Tax is dependent on your total income for the year, not age. If you made $400 a week all year, you'd make about $20K. If a dependent, you'd owe about $1800 or so, if not a dependent, maybe $1500. That is federal income tax. FL has no state income tax, but you will lose about 8% to FICA taxes as well.
Positive: 0 %
Answer #4 | 21/12 2013 16:50
if you are not in full time school 5 months of the year you are single(not a dependent) your non taxable income for 2013 is $10k which if you just got the job will not incur any income tax the amount for 2014 will probably be $10150, you can claim single, 2 safely

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