The federal government and most state governments require the employer to take income taxes from the earnings of all workers. How do these income tax laws affect a minor when he works part-time of during vacation?
2006-10-02 12:24:55 · 11 answers · asked by me 2 in Politics & Government ➔ Law & Ethics
As far as I know, the taxes still have to be withheld, but the teenager can file a tax return to get a full refund if the income falls below a certain level. This happened to me when I worked at Sears at age 15 for a school fundraiser. (It was in the 80s, though.)
2006-10-02 12:26:45 · answer #1 · answered by Joe D 6 · 0⤊ 0⤋
Income is counted the earliest of when received, when credited to a participant's account, or when set aside for the participant's use. Income from SSA, SSI or VA is counted for the month it is intended to cover.
For AABD and Medicaid, count the income for the month it is intended to be paid if mailing, direct deposit conditions, or payment cycles cause more than one month's payment to be made.
For AABD, count income from Social Security, SSI or VA in the month it is intended to cover.
For Medicaid, count income from Social Security, SSI or VA in the month it is received.
When a payer dates a check in advance, because the regular payment date falls on a weekend or holiday, there is no intent to change the normal delivery date. For AABD and Medicaid, the payment is income in the normal month of receipt.
Basically, no matter how many jobs the minor might have in his lifetime, all income taxes taken from the earnings will go towards his Social Security or Retirement etc...
2006-10-02 19:32:42 · answer #2 · answered by KIMMY 1 · 0⤊ 0⤋
If you earn less than 500.00 for the year you will owe no federal taxes. If you only earn a few thousand dollars for the year you will still owe federal, state, and local taxes, but your tax bracket will be very low so you wont owe a lot.
2006-10-02 19:27:44 · answer #3 · answered by Heatmizer 5 · 1⤊ 0⤋
A minors earnings are just as susceptible to wage taxes as the rest of us. But usually they can get them back at the end of the year.
2006-10-02 19:27:36 · answer #4 · answered by cabjr1961 4 · 0⤊ 0⤋
Same way mine and yours and everyone, you get taxed. Unless you get paid in cash. That's tax free unless your employer files so watch out. And believe me the bigger the paycheck the bigger the tax bite. Don't believe everything about the rich keeper all theirs. Otherwise the tax bite would be even bigger.
2006-10-02 19:49:37 · answer #5 · answered by Cars 2 · 0⤊ 0⤋
Work the same way as for adults. The income must be taxed and withheld.
2006-10-02 19:28:45 · answer #6 · answered by j H 6 · 0⤊ 0⤋
As far as I can remember--
Employer has to withhold taxes based on W2's unless minor states that they would not expect to owe any taxes for that year (again, stated on their W2).
2006-10-02 19:28:31 · answer #7 · answered by dapixelator 6 · 0⤊ 0⤋
If your not making much,they will only take state tax & S.S.
2006-10-02 19:29:20 · answer #8 · answered by kman1830 5 · 0⤊ 0⤋
My 10th grade English teacher said, "There are two things you have to do in life. Die and pay taxes."
Everyone has to.
2006-10-02 19:27:50 · answer #9 · answered by Anonymous · 1⤊ 1⤋
he gets a head start on his social security...
2006-10-02 19:27:51 · answer #10 · answered by Nora G 7 · 0⤊ 0⤋