Excluded From Federal Taxable Wages?

Question

I am not exempt from taxes. On my pay stub under Exemptions/allowances it says
Federal: 01
State: 00

I am single with no dependents and I will claim myself. Why does it says excluded from federal taxable wages on my pay stub? Does that mean I cannot file for a Federal Return? I entered 1 on my w4 form.

This is what I see under Statutory Deductions
FIT
Soc Sec
Mdeicare
NY WH
NY SDI
NYC WH
There are deductions from each of these

Help!

Answer 1

Federal: 01

State: 00

The above means that you have declared 01 allowance for federal income tax withholding purposes and the 00 means zero allowances are considered for state income tax withholding calculations.

These are required withholding from you check:

FIT = Federal Income Tax

Soc Sec = Social Security

Mdeicare = Medicare

NY WH = NY State Income tax Withholding

NY SDI = NY State Disability Insurance

NYC WH = NYC income tax Withholding



If you have something printed on the check stub that says, "excluded from federal taxable wages " that is referring to some money that is not subject to Federal income tax. If there is no dollar amount on the check stub next to that statement that means you did not have any funds that were excluded from federal taxable wages. An example would be funds paid into your 401k or IRA plan.

You may and very likely should file a tax return for Federal, State and NYC income tax.

Answer 2

Excluded From Federal Taxable Wages

Answer 3

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RE:

Excluded From Federal Taxable Wages?

I am not exempt from taxes. On my pay stub under Exemptions/allowances it says

Federal: 01

State: 00



I am single with no dependents and I will claim myself. Why does it says excluded from federal taxable wages on my pay stub? Does that mean I cannot file for a Federal Return? I entered 1 on my...

Answer 4

Where does it say "excluded from federal taxable wages"? Do you have some pretax deductions also, like health care or a 401K?

Answer 5

You can always file a tax return! It's just not always beneficial. You will always be required to file if you owe taxes.



FIT is your federal income tax, so you are actually having money taken out if a number appears here. As for why it says you are excluded, it's probably because you haven't earned enough income to be required to pay taxes.. yet.



Hope this helps.

Answer 6

It does NOT say you are "excluded" from federal taxable wages. It says you have designated one exemption for federal income tax withholding and zero exemptions for state income tax withholding. Have your payroll dept explain it to you.

Answer 7

fed 1 means you are claiming one exemption

state, apparently none

if some of your earnings are excluded from federal taxation,you must have a pre tax deduction for a 401 K or some such retirement program

and no, you are not excluded from filing a tax return