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Financial Planning / Tax Strategies


Subject:  Re: Wages as a student worker Date:  3/8/1998  1:20 PM
Author:  tc001 Number:  2496 of 123001

<The trouble is that unless your employer was breaking the law by failing to withhold income tax and social security and medicade insurance, you will need to file in order to get a refund, if they withheld more than necessary.>

Segment 1:<..unless your employer was breaking the will need to file in order to get a refund..>

Yep. I already said that about the refund, but it's worth repeating. As a side note, while I'm not an expert on payroll taxes, I believe that you can legally have no withholding for income tax by the employer. The calculation, if I'm correct, is determined by comparing your projected annualized income with the threshold level tied to your W4. I don't believe that it is always true that a wage earner will have federal income tax withholding, but the exceptions will be at very low income levels.

Segment 2:<..and social security a