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Jun 09, 2011
Exempt Filing Status
by: Anonymous

Executive Openings!

If you are being paid as a W-2 employee, you will need to file a return if you made over $9,350 in 2010. Unless you have any additional deductions, you will need to pay taxes on $650.

You can fill out your W4 as exempt no matter what amount you make, but filing as exempt will make it so that you do not have any taxes withheld. Therefore, you will have to pay the taxes on the $650 on your tax return in addition to an underpayment penalty.

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