Q:

Can I file as exempt on my W-4 form?

A:

Quick Answer

Individuals may be able to mark Form W-4 as "exempt" under certain circumstances, according to the Internal Revenue Service. The taxpayer has to have had a refund of all income tax withheld the previous year and has to reasonably expect a full refund of all current year withholding.

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Full Answer

Students and retirees with part-time jobs are not automatically exempt from income tax withholding. A number of factors are taken into consideration, including filing status, dependency status and whether the taxpayer itemizes deductions. A taxpayer who is exempt from withholding may still have to file an income tax return, the IRS notes. A complete discussion and helpful chart can be found in IRS Publication 505.

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Related Questions

  • Q:

    What taxes are taken out if you claim exempt?

    A:

    A taxpayer who claims exempt on a W-4 form turned into an employer has Social Security and Medicare taxes taken out of a regular paycheck, according to the Internal Revenue Service. As of 2014, the Social Security tax rate is 6.2 percent and Medicare tax rate is 1.45 percent.

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  • Q:

    What is a form 1040?

    A:

    A form 1040 is a form issued by the Internal Revenue Service that is filled out by taxpayers to reveal their financial income information. This form is utilized to determine how much tax is owed or refunded. It is due annually on April 15th.

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  • Q:

    When are W-2s mailed out?

    A:

    Employers are responsible for mailing all W-2 forms for the previous tax year no later than January 31st, according to the Internal Revenue Service. The IRS suggests contacting the employer first to inquire if and when a W-2 form was mailed. Contact the IRS directly at 1-800-829-1040 if a W-2 form has not been received by February 14th.

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  • Q:

    When are W2 forms due to employees?

    A:

    As a general rule of the Internal Revenue Service, a W2 form must be provided to an employee no later than Jan. 31 for the preceding year. A former employee is provided a W2 on that date as well, unless that individual requests to receive it earlier. Typically, such a request comes when a person is terminated.

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