Are full-time students exempt from paying taxes? Have you heard the saying that there are only 2 things that are guaranteed in this life? That would be death and taxes. Any legal resident of these United States earning above a specified income level is required to file an annual income tax statement. If you are working as an employee, you complete a W-4 form with your employer. Your employer
. subsequently reports your earnings to the federal and state governments. You will receive a W-2 form from your employer (usually by the end of January of the following year) detailing your earnings and taxes withheld in order to file your income tax. If you are working as an independent contractor, you would complete a W-9 with the company. While no taxes are deducted, you will receive a Form 1099 from this company giving your total earnings to file your annual income tax. For more information: http://www.irs.gov/faqs/faq/0,,id=199594,00.html.
