Do I need to pay taxes on my work-study income?
Q: I have a work-study job at my university. When I receive my check each week there are no taxes withheld. Does this mean I will pay them at the time I file my taxes? --Christine
The following answer was provided by Mark Misselbeck, CPA, Levine Katz Nannis & Solomon PC, Needham.
A: In general, the answer is yes. However, whether you will actually owe tax depends on how much you earn. You are entitled to a standard deduction and perhaps an exemption (if you are not someone else's dependent) and may be eligible for a tuition credit. All of these things offset your income.
Q: I have a work-study job at my university. When I receive my check each week there are no taxes withheld. Does this mean I will pay them at the time I file my taxes? --Christine
The following answer was provided by Mark Misselbeck, CPA, Levine Katz Nannis & Solomon PC, Needham.
A: In general, the answer is yes. However, whether you will actually owe tax depends on how much you earn. You are entitled to a standard deduction and perhaps an exemption (if you are not someone else's dependent) and may be eligible for a tuition credit. All of these things offset your income.
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