Help on filing first income tax return, two questions?
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I have two questions. My "wages, tips, and other compensation" was wayyy lower than what I actually received in wages monetarily. There are two other categories called "social security wages" and "medicare wages and tips". All 3 of these categories have an equal amount of money. Why is this? Is the W-2 form wrong or would the money I made be spread out between these 3 different categories? My second question is is there an amount of wages that is so low you don't need to file a tax return? Last year I went to file a tax return and they said my wages were too low so I didn't need to file. I'm out of state right now and trying to figure out how to go about filing but any information in the meantime would be helpful.
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Answer:
Box #1 is taxable income Box # 3 is SS wages and Box #5 is Medicare wages if you had a retirement deduction from your pay the #1, # 3, will not agree because this is a program to reduce your taxable income at this time, Medicare has no such exclusion, it is taxable on your total wages and yes, if you are single, no dependents and your income was $9500 or less you would not need to file unless income tax was withheld, box # 2 on the W-2, or you were 25 and this is eligible for EIC the amount of the difference should appear in Box #12 if you are a dependent your non taxable income is $5800
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