Who Qualifies for Exempt Status?
Many people do not realize that they can stop withholding taxes from their paycheck by claiming no allowances and filing as an exempt for paying taxes. This is because to legally qualify for this status, you cannot make more than $850 per year. Of course, this will not apply to the vast majority of tax payers. Perhaps the only groups which will qualify for this are high school and college students who may work part-time during the summer or school year. So, do not be quick to claim exempt from paying taxes unless you know that you will easily fit this category.
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