<p>Easy question-- I don’t want any of the Fin. Aid stuff to seem fishy, so I’m just trying to be safe.</p>
<p>I’ve worked quite a bit in 2004, but I knew I would never make the $7k or so that is required in order to have to pay federal/state taxes on income beyond medicare and social security. Accordingly, I don’t have to file a tax return for myself.</p>
<li>Do people who don’t file formal tax returns receive “W2s”?</li>
<li>Will it seem weird that I didn’t file a tax return, even though I worked ~20 hours a week all year?</li>
</ol>
<p>I have a question about that too--how will I know if I need to pay taxes? I just started my first job ever in September, minimum wage, part time, so I haven't been making much at all...</p>
<p>Kw, as far as I know, you have to make something like $7000 per year to have to pay income tax beyond medicare and social security, which is automatically taken out of every check.</p>
<p>At part-time minimum wage, I wouldn't worry about it. Your employer should have you sign some papers regarding it. You could always ask them if you have questions specifically about your job and taxes.</p>
<p>If you're not sure whether or not you owe taxes, just get the 1040 form for 2004 and fill in the numbers. The instructions are pretty precise. They will walk you all the way to Line xxx, which is 'Taxes due on 2004 income'. If this is $0, great.</p>
<p>If you haven't had SS and Medicare taken out, you are either being paid "under the table", or they will issue youa 1099 which is not a good thing. If you are being paid legally, then that means they consider you an independent contractor, and you will pay SS & medicare when you file your return. The employer pays half and the employee pays half. But since they consider you "self employed' then you will pay both halves. You need to make this clear when you get the job.</p>
<p>You don't have to pay tax on approximately the first $7000, but only if you are not a dependent on anybody elses return (like your parents). If you are, then you don't pay tax on the frist $4700 (approximately.) And yes, everybody gets a W-2 (unless that situation above applies to you) even if you owe nothing.</p>
<p>On the other hand, even if you don't have to file a return, if you have had taxes withheld, you can file to get that money back.</p>
<p>Most of you college bound kids are still dependents on your parents' return. It is a rare student who files his own return. If you are not working under the table or as an independent contractor, you will get a W-2, particularly if you have been paying SS and medicare withdrawn automatically from your paycheck. You may also have had some withholdings and may be entitled to get some money back. </p>
<p>You are supposed to report all earnings for FAFSAand Profile, whether they come up on your W-2 or not. Not everyone does, but that is what you are supposed to report. If you have listed a number of babysitting or other "under the table" type jobs on your apps as your work experience and have zero income to report for them, someone from financial aid might get a little curious. I know I would if I were an Aid officer at a college.</p>
<p>DS and DD file tax returns so that they can get the taxes they paid BACK. Their incomes are very small and they do not have to pay taxes. The tax refund they get is a nice little bonus.</p>
<p>"If you have listed a number of babysitting or other "under the table" type jobs on your apps as your work experience and have zero income to report for them, someone from financial aid might get a little curious. I know I would if I were an Aid officer at a college."</p>
<p>Not that it applies to me, but I thought that financial aid and admissions info just didn't get reviewed together. Maybe I was mistake in thinking they were separate.</p>
<p>If you babysit trust me the fin. aid office doesn't care about that. Most teenagers babysit. None of them worry about paying taxes on it--it never amounts to that much in the long run. Not a big deal at all.</p>
<p>When admissions is needblind, they the fact that you need financial aid and the amount you may need is not taken into account at admissions. However, most schools, even the need blind ones have merit within need awards. So those kids who have the most sterling apps and are the ones that the school wants the most get the best packages. Even Harvard has merit within need awards. In those cases, financial aid may well get a peek at the profiles. As Notime says, a few dollars on babysitting or errands is not going to raise any flags. Starting a big time baby sitting agency that is such a resounding success without an accompanying income may.</p>
<p>ok so if we do make money "under the table" from tutoring, etc., we DONT need to report income on the CSS/PROFILE and the FAFSA, right? its only like $100 something dollars!</p>
<blockquote>
<p>"Their incomes are very small and they do not have to pay taxes. The tax refund they get is a nice little bonus."</p>
</blockquote>
<br>
<p>While it may psychologically seem like a bonus, it's just finally getting the money you EARNED back from the government.>></p>
<p>Yes, but the point is that they would not get this tax money, no matter how small, back unless they filed tax returns. That is why they file them.</p>