Taxes for interns?
Snap intern here 👋 Sorry in advance if this sounds dumb... I’ve never paid taxes before this year... I’ve been getting paid $140k pro-rated for the summer internship. Snap has been taking 31% off in tax. However, I am going back to school soon, and wont be working anywhere until next summer (next tax year), making my total earnings for the year only $32k. Will I still be taxed 31% if my earnings for the year are 32k? Snap already took off the tax, can I get some of it back by filing a tax return?
If you didn’t change your w4 when you were there, then they probably withheld a lot of money from you by default. You’ll get taxed by the IRS based on your 32k not 140k. Expect a fat tax return in April. For next time, youd usually want to adjust your w4 so that you aren’t just handing the government an interest free loan.
For next time, what would I change on the w4 to indicate that I’m only working for 3 m?
It depends on a lot of factors. You can go to www.irs.gov/individuals/tax-withholding-estimator to get a better understanding. It’s also worth noting it’s completely individual based. Some people like getting big returns in April, and some people don’t like to withdraw any taxes and pay the IRS in April.
Yeah, you will get tax refund. Also you most likely will get $2500 education credit if you can cover half of your expenses....
How does the education credit work? Do I get it if my parent claims me as a dependent?
Lol kids these days 😂
Yup once you file taxes, you will be taxed as if you made 32k for the year so you will get refunded.
Yeah you’ll get some of it back when you file a tax return.