How to Fill Out a W4 for Students
Paying taxes on the money you earn is a fact of life, even if you are a student. You are subject to the same rules for payroll tax withholding as everyone else, whether you are attending high school, college or graduate school. However, many students work only part time or just during summer vacation. If that's true for you, you may be able to claim "exempt" status on your W-4 form so your employer won't withhold income tax from your paychecks.
Other People Are Reading
Instructions
-
-
1
Complete the worksheets that come with the W-4 form. This is not mandatory, however, the IRS recommends you use the worksheets so that you can accurately determine how many withholding allowances you should claim on your W-4.
-
2
Enter the withholding allowances you claim on lines A through G on page 1 of the W-4 form. Add up the number of allowances and enter the total on line H.
-
-
3
Enter your name, Social Security number and filing status on lines 1 to 3. If your last name is different from the name on your Social Security card, check line 4.
-
4
Determine if you can claim exemption from income tax withholding. You must have had no tax liability the previous tax year. This means you owed no federal income tax and any that you paid was refunded to you. In addition, you must expect to have no tax liability this year. If someone else claimed you as a dependent, there is an additional condition: you may not have income of more than $950 and that total cannot include more than $300 of unearned income such as interest or stock dividends.
-
5
Enter "Exempt" on line 7 if you qualify for exemption from income tax withholding and leave lines 5 and 6 blank. If you do not qualify as exempt, leave line 7 blank and enter the number of withholding allowances you claim on line 5. If you want additional money withheld, enter the amount on line 6. Sign and date the W-4 and submit it to your employer.
-
1
Tips & Warnings
If you claim exemption, your W-4 form is good for only the current year. You have to submit a new W-4 the following year. If your tax situation changes, you can and should submit a new W-4 as soon as possible. For example, you need to submit an updated W-4 if you get married or have a child.
