How much tax do I have to pay for summer internship?

Student Lounge College Life
1

<p>Hey, it's my first internship this summer and I have an estimated income of $9600 plus housing and airfare. I'm wondering how much I have to pay in taxes. Does anyone know where I can find info on this stuff too?</p>

<p>Thanks</p>

2

<p>where do you live?</p>

3

<p>thats a lot of money!! what internsip did you get?</p>

<p>im not 100% positive, but you will most likely get the money refunded because its not enough money</p>

4

<p>Spend the $250 on an accountant and let them deal with it.</p>

<p>I think that $250 you spend on an accountant is also tax deductible.</p>

5

<p>If you are <18, I’m pretty sure you can just file exempt. I’ve never made that much money, but I’ve made up to $4500 and I’ve never paid a penny in taxes because I’ve always filed exempt.</p>

6

<p>Just file on H&R Block to see what your federal taxes will look like (for free). I imagine you’ll get just about all of it back.</p>

7

<p>Should be taxed about 10-15%, but you will get some back (if you do not have other sources of income)</p>

8

<p>Kudos to that internship!</p>

<p>The following is based on last year’s numbers. If your parents do not claim you as a dependent, you get a standard deduction of about $9,000, which means that you will pay close to no taxes. If your parents do claim you as a dependent, you get a standard deduction of about $5,500, and you would be looking at taxes around $400 (10% of the difference between your income and $5,500). Your employer might withhold significantly more taxes from your income, but you would get a refund once you file.</p>

<p>You can look at last year’s tax forms and play with the numbers yourself:</p>

<p><a href=“http://www.irs.gov/pub/irs-pdf/f1040ez.pdf[/url]”>http://www.irs.gov/pub/irs-pdf/f1040ez.pdf&lt;/a&gt;
<a href=“http://www.irs.gov/pub/irs-pdf/i1040tt.pdf[/url]”>http://www.irs.gov/pub/irs-pdf/i1040tt.pdf&lt;/a&gt;&lt;/p&gt;

9

<p>I’d suggest downloading last year’s taxcut (free tax program), putting in a few numbers and some information and letting it compute your tax for you. You might have some credits available to you that could knock it down further (can you take one credit for tuition and your parents take another one?).</p>

<p>Our son will have income from three sources in three states in 2009 so he may wind up filing four tax returns.</p>

10

<p>You probably will end up paying none because you really don’t start paying taxes (independently) until you make above $10,000. If you’re employed, your taxes will be taken out of your salary You’ll get a refund at the end of the year.</p>

<p>Travel and housing is a deductible so don’t worry about that :)</p>

11

<p>“If you are <18, I’m pretty sure you can just file exempt. I’ve never made that much money, but I’ve made up to $4500 and I’ve never paid a penny in taxes because I’ve always filed exempt.”
^
You better hope you’re not audited. I’ve been paying taxes since I was 16-years-old. There’s no minimum age requirement.</p>

12

<p>i believe if you make under a certain amount a year you do not have to file taxes and you can file for an exemption if you meet the criteria listed by the irs.</p>

<p>[Tax</a> - Do You Have to File An Income Tax Return - H&R Block](<a href=“http://www.hrblock.com/taxes/tax_tips/tax_planning/doyoufile.html]Tax”>http://www.hrblock.com/taxes/tax_tips/tax_planning/doyoufile.html)</p>

13

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<p>Is your WORK paying for travel and housing? Like, are you getting paid $9600 PLUS plane tickets PLUS a place to live? If that is the case, then the plane tickets and rent (that you aren’t paying) count as income (they are “benefits”)</p>

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<p>This is terrible tax advice, and I’m pretty sure this poster is breaking the law.</p>

14

<p>I’d check on the travel expenses. Regular commuting expenses are deductible but I used to fly a lot for work and the employer picked up the costs and they weren’t reported as income.</p>

15

<p>You will probably get a federal tax refund, but might have to pay state taxes.</p>

<p>Its called a 1040 EZ for a reason.</p>

16

<p>All income is taxable no matter the age of he who earned it. </p>

<p>Dependents can file as part of thier parents return, which may be advantagous of the filing parent fits into Head of Household catagory.</p>

<p>Dependents may need to file a seperate return, as a dependent, but filing seperately, if they exceed a $ limit or have certain types of income.</p>

<p>If one is no longer claimed as a dependent ( and this has FA implications and tax implications for your parents) one files one’s own return, with a standard deduction.</p>