who knows most about taxes?
28-Jan-2004, 07:12 PM
#1
Luka
Thread Starter
Join Date: Aug 2003
Posts: 14,319
who knows most about taxes?
you know how you don't have to claim if you make less then $7700 or whatever it is? Well last year I had a co-op job that was paying me just under that and I didn't plan on getting a job after it so I told them I didn't want taxes taken off and I'd rather get the money right away. I did end up getting a job though and ended up making roughly $11,000 in 2003. Does this mean I'm gonna get fucked on income tax for what I wasn't taxed on - OR - does the co-op money not count because you don't get taxed on the first $7700 either way?
28-Jan-2004, 07:41 PM
#4
Luka
Thread Starter
Join Date: Aug 2003
Posts: 14,319
I'm wondering now if I should tell them again not to take those taxes off if it's not a big deal for the $7700 or whatever the limit is. I will be graduating in August though and if I get a job right away it won't be too good heh.
28-Jan-2004, 08:10 PM
#5
Registered User
Join Date: Jan 2004
Location: Niagara
Posts: 253
ya u can claim the tuition. but u are not going to be paying out money. especially if you are a student. the best thing may be to ask an accountant heh. there are a lot of tricks u can pull off to get more money. it may even b possible to not claim ur tuition this year. the benefit to that would be claiming next year when you are working full time.....might save you from paying if need be.
29-Jan-2004, 01:15 PM
#9
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Join Date: Apr 2002
Location: Toronto, ON
Posts: 1,562
Originally posted by shlammed
I can use the $2000 in tuition to bring my income down to $9000 right?
I can use the $2000 in tuition to bring my income down to $9000 right?
29-Jan-2004, 01:18 PM
#10
Registered User
Join Date: Jun 2002
Location: Toronto
Posts: 250
Originally posted by SW20 MR2
AFAIK, the personal exemption is applicable to anyone, so you won't pay tax on the first $7700 (or whatever it was). You should definitely talk to an accountant though.
AFAIK, the personal exemption is applicable to anyone, so you won't pay tax on the first $7700 (or whatever it was). You should definitely talk to an accountant though.
any tax software can figure this out
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