i know it might sound idiotic, but what are the taxes u file each yr. abuot?

Question

im clueless, i turned 18 july last yr, and well do i have 2 do taxes now?
if so how do i go about it?

Answer 1

It's not idiotic - people aren't born knowing these things, and unfortunately, sometimes they're not taught in school although they sure should be.

If you make a certain amount of money, then you file a form called a tax return with the federal government each year showing what you made. Depending on the amount you made, you might owe taxes - this is money that supports the government and enables it to function.

Depending on where you live, you might also have to file a state return. Some states don't have an income tax, but most do. And some cities or other municipalities do also.

If you had a job, you might have to do this. If you didn't have a job or other income like interest from a bank account, then you don't have to worry about it until you have a job.

If you have a job or other taxable income like interest, you should get a form in the mail sometime this month or early next month. It'll say either "W-2" which shows income from a job, or "1099" which shows various other types of income. If you get something like this, I'd suggest that you post here again saying what you got and asking what to do with it next.

Just being 18 doesn't mean that you have to do taxes. Some people under 18 are required to, and there's people who are 60 who are not required to. It depends on income, not age.

Answer 2

What are taxes about? Taxpayers pay the Government to provide services like roads, police, postal services. Some taxes are necessary and good. Most Government taxes amount to shameless robbery. When a Government (all countries) thinks up a new way to rob the people, the Government gives a tax-name to the robbery. For example, it is robbery to have both Income tax and Sales tax. Sales tax is tax on income that you have left after you have already paid Income tax. So, why doesn't the Government get rid of one or the other? Because Governments are like all thieves in that as long as they can get away with it, they won't stop thieving.

Answer 3

If you earned over $700 (no matter what your age), you have to file taxes. You can probably just file an EZ form, where you just put in the amount of money you made. It's not too hard.

Go here and click 1040-EZ. http://www.irs.gov/

For state taxes, google your state name and franchise tax board to get to the site.

Answer 4

Federal & State.

Answer 5

Youre 18 and dont know what taxes are about?
And people call ME dumb...