does anybody know how much taxes teens have to pay every year.?? or does anybody know any good websites that would give this information.??
2006-09-26 10:48:05 · 18 answers · asked by tran_face 2 in Business & Finance ➔ Taxes ➔ United States
well im seventeen and i paid like 500 dollars in taxes but i u get it all back
2006-09-26 10:50:08 · answer #1 · answered by hawaiihg 2 · 0⤊ 2⤋
Usually teenagers pay next to nothing in taxes because they make next to nothing. A teenager working a part-time job is still eligible for the standard deduction of $5150, for tax year 2006. For a teenager making more than this amount, they will still be in the lowest possible tax bracket, entitling them to almost all taxes refunded.
For a more specific estimate on an individuals tax obligations, www.irs.gov has a withholding calculator listed under its individuals tab.
2006-09-26 17:17:09 · answer #2 · answered by Freddie 3 · 0⤊ 0⤋
Teens living with their parents without a job, don't have to pay any taxes. Their parents pay taxes about their children, but the teen doesn't have to pay anything. Once they get a job, though, all types of income tax are payed by the teen. They also have to pay taxes once they move away from their parents and get a place of their own. Look it up in a search, and I'm sure you'll find something.
2006-09-26 10:51:55 · answer #3 · answered by bosox_75 2 · 1⤊ 1⤋
Oh really? Did you know that there are teen millionaires? Or that Mary Kate and Ashley Olsen were billionaries before they even were 18? Why shouldn't they get taxed like everyone else. If you work or purchase a product you should get taxed regardless of your age, gender, race, nationality or what have you.
2016-03-27 11:55:56 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Taxes are based on income not age. If your parents are still allowed to claim you as a dependent, your standard deduction and personal exemption are less than if they are not. The link below is the IRS website. It has more information than you can possible read.
2006-09-26 13:32:33 · answer #5 · answered by STEVEN F 7 · 1⤊ 0⤋
Age has nothing to do with taxes...AMOUNT does...
You make a large amount you pay a large amount... very simple
Deductions play a factor and are different for everyone.
Assume 1/3 of what you made to go to uncle sam then you will have no surprises!
2006-09-26 15:25:26 · answer #6 · answered by Kitty 6 · 0⤊ 0⤋
sale tax ? like millions of dollars
Income tax it depends on your income weather you have "Earn Income" working at a gas station or "investment Income".
In general Rule if you have wage income under $5,000.00 and you are single you do not have to pay any taxes. anything over that amount will depend on how much income vs you life style and condition of living.
2006-09-27 04:49:21 · answer #7 · answered by Kenshin 5 · 0⤊ 0⤋
Age doesn't matter- its how much you made while you were working. Your parents can claim you on their tax return whether you are living with them or not until 18 or legally married unless its in court papers or what not that they can't.
You might try using this link :
http://finance.yahoo.com/taxes/calculators
2006-09-27 10:53:00 · answer #8 · answered by Anonymous · 0⤊ 0⤋
It is generally about 1/3 of your gross annual income. If you make under a certain amount (determined by your state and fed government---check H & R Block), you will get all or most of what you pay in back at the end of the year (after you file your 1040 EZ in April).
2006-09-26 10:57:45 · answer #9 · answered by Anna 3 · 0⤊ 2⤋
It depends on your income which tells you what tax bracket you are in and how much should be withheld. Go to www.IRS.gov and find out their tax bracket.
2006-10-02 13:13:47 · answer #10 · answered by mss04 3 · 0⤊ 0⤋
The same as the rest of us, depending on how much is earned.
2006-09-26 11:15:43 · answer #11 · answered by Freesumpin 7 · 2⤊ 0⤋