2006-06-18 06:19:10 · 3 answers · asked by Joshua B 2 in Politics & Government ➔ Other - Politics & Government
edit: jenniferb, I mean IN TOTAL... not just from working. Legally, children can hold bank accounts and stock with a co-signer that is over 18. The child pays income taxes on this account, even if the parent usually ends up laying out the money.
2006-06-18 06:27:58 · update #1
DAR: yes, but do you have an IRS income figure for the ones who do? I mean, as you said, there is SOME youth income tax being paid in this country. My question is, exactly how much?
2006-06-18 06:30:25 · update #2
With regard to Federal income tax, anyway, very, very little. The top 5% of wage earners pay 54.36% of all Federal income tax. The top 50% pay 96.54% of all Federal income tax. (the median income being roughly $44,000, depending how you calculate). There are rougly 300 million Americans, so there are 150 million (which, I'm sorry, does include children), paying a total of $25.9 million in taxes. There are, if it helps, approximately 12 million people between the ages of 15 and 17. I'm sorry my numbers are dead-on precise, but I don't have detailed breakdowns at hand.
2006-06-18 06:47:26 · answer #1 · answered by Farly the Seer 5 · 1⤊ 0⤋
Very little. However, the very rich have trusts for their children, and those do pay taxes, as do the child beneficiaries. There simply aren't that many children who have income levels that require much in net tax payments.
2006-06-18 13:28:24 · answer #2 · answered by DAR 7 · 0⤊ 1⤋
none. you should get it all back if you were paying into it throughout the year.
2006-06-18 13:23:57 · answer #3 · answered by jenniferb 3 · 0⤊ 1⤋