Taxes as a Summer Intern
I am trying to figure out my budget for this summer and I was wondering if some past SAs could shed some light upon this:
How much of your paycheck is withheld if you are a summer intern if your salary is $70k prorated? On the W-4 I put in 2 allowances (no one can call me dependent and i am single with one job). I was playing around with the IRS calculator and it tells me 0 withheld which I don't believe.
Thanks a lot.
It very well could be if the money you earn is less than your total allowance for a single filer.
That being said, you'll have to pay taxes in April next year on that money. IRS calculators usually take into account that auto-deduction allowance which is a couple grand for single tax payers, i.e. less than what you'll make just off your SA stubs.
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