we starting a student run buisness do we have to pay taxes on products and profit
2006-09-28 06:54:30 · 7 answers · asked by mrpepsimon 1 in Business & Finance ➔ Taxes ➔ United States
WE are a entrepuerner class opening a coffee shop in school.
we are going to be volunteer workers .
do we still pay taxes on our business?
2006-09-29 09:32:29 · update #1
Absolutely yes. There is no tax exemption for students. Otherwise everyone would run a 'student' business.
2006-09-28 06:55:55 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Yes. If you have one owner, that owner is responsible for the business taxes and the business income doesn't affect the rest of you. However, your salary must be reported.
Now if this business is a subsidiary of the college or school, you need to get with the school administration and learn how to report income and loss. You'll have to do monthly statements to them which they will report on the school's profit and loss statement.
In a nutshell, yes, someone has to pay taxes.
2006-09-28 07:05:04 · answer #2 · answered by loryntoo 7 · 1⤊ 0⤋
Being a student has nothing to do with paying taxes on business income. Yes.
2006-09-28 07:17:25 · answer #3 · answered by Dee 4 · 2⤊ 0⤋
Only if you are a US citizen and the business is somewhere in this world.
2006-09-28 20:44:04 · answer #4 · answered by ? 6 · 0⤊ 0⤋
Yes, go to: http://www.irs.gov/businesses/small/index.html
2006-09-28 07:05:43 · answer #5 · answered by littlebettycrocker 4 · 0⤊ 0⤋
If you are charging sales tax then yes you will
2006-09-28 06:57:02 · answer #6 · answered by heartache 4 · 0⤊ 2⤋
if student earn more then 500$ then they must pay the taxes.if less then they must not pay.
2006-09-28 07:07:00 · answer #7 · answered by sexy babe 1 · 0⤊ 1⤋