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Tax Deductions and Returns?

I'm 17 years old and currently working part-time.

Over the summer I worked 69.75 hours at 7.90/hr.

Gross $551.03

Net $502.50

Federal:

-Withholdings $4.57

-Social Security $23.14

-Medicare $7.99

(rest are local and state taxes)

Current Job:

228.0 @7.40 and 7.76h @11.10

Net $1,791.12

Gross $1,530.74

Federal:

-Withholdings $104.10

-Social Security $75.23

-Medicare $25.97

(rest are state and local)

My question is: why does it seem like more taxes are being deducted from my current job than the temporary job I held over the summer? Is this because Federal tax was adjusted on the one over the summer, but I should get the difference on the current job in my tax return? My parents will file me as a dependent, what will my tax return be? I've tried online calculators, but as far as I can tell it will be ~$100

4 Answers

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  • Bob F
    Lv 7
    9 years ago
    Favorite Answer

    Say you're paid weekly. The non-taxable amount is roughly $5800, or $111 a week. So, if you earn less than that (the number is probably actually a little bit less than 111), you get nothing withheld. From that point on, the amount above that is withheld at 10%. I don't think you're getting into the 15% tax bracket, so we'll ignore that.

    The more you earn each week (or two weeks or month of what have you), the more is withheld.

    Edit: Considering your main job you were making either $7.40 or $11.10 an hour, it's obvious that there were weeks where you were working more than 40 hours - that overtime will really bump up what gets withheld. Though this advice is too late, you probably should have filed EXEMPT on your W-4 since you're not making $5800. You can still do it for next year if you don't foresee earning that much.

    _

  • Judy
    Lv 7
    9 years ago

    In the summer you probably didn't make enough on most of your paychecks to owe anything. On your current job, your checks were a lot bigger. Withholding for a paycheck is calculated as if you made that same amount every week all year.

    Your refund will be the total you paid in for federal, since you didn't make enough to owe anything. Do you'll get $4.57 + $104.10, or $108.67 back.

  • tro
    Lv 7
    9 years ago

    your total income is $2342.15, the amount of income tax withheld should be refunded to you, $ 108.67

    since none of this income is taxable to you with your standard deduction of up to $5800

    you are not refunded the other taxes(other than state income tax)

    and there are minimums at which no income taxes are withheld, ie. the summer job the gross on your check may have been lower than the minimum and no income tax was required

    you obviously made more with the other job and your gross pay was probably above the minimum

    and yes, a 1040EZ should be adequate for you

  • Ryan M
    Lv 7
    9 years ago

    When you make more money...you are subject to higher income tax brackets. Also, do not use the terms tax return and tax refund interchangeably. They are NOT the same thing.

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