Does the government take away more money from teenagers than adults
2007-01-21 06:56:31 · 5 answers · asked by Dr. Vargas 2 in Business & Finance ➔ Personal Finance
It depends upon how much you make. If you are a teen living at home and your parents claim you as a dependent you lose your personal exemption and will pay a higher tax on your income. Since most parents make much more money that their children do, that usually works out best for the family as a whole.
Compared to most industrialized nations, Americans pay far less in taxes than anyone else. I lived in Europe for over 10 years and most Europeans pay double in taxes what we Americans pay. The tax alone on a gallon of gasoline is typically around $4.00 so Europeans pay between $6.00 and $8.00 for a gallon of gas. We like to complain about taxes but most of us have no idea how good we really have it!
2007-01-21 07:09:52 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Your question is not as simple as it sounds. How much is taken from your pay check depends a number of things. First you should understand that federal withholding tax is based upon your marginal tax rate. When you got your job you filled out a W-4 and indicated how many deductions you would have and in effect set your federal withholding rate. Most likely you are having around 10% with held from your check for federal tax. You should be able to get it all back when you file your federal income tax return. Do not forget you have medicare etc. with held from your check. As far as how much more less, understand that income tax is a progressive tax, that is it is suppose to increase as you make more money. That is somewhat watered down by the various deductions those with money can take.
2007-01-21 23:31:09 · answer #2 · answered by wph00 4 · 0⤊ 0⤋
If you are talking about how much is withheld from your paycheck, that depends on how much you put down to be withheld. Chances are very good that the government withheld too much-be sure a file a simple form to get it back! (You can file online, right from the IRS website!)
2007-01-21 09:17:26 · answer #3 · answered by Middleclassandnotquiet 6 · 0⤊ 1⤋
it depends on how much you make... I personally think its too much
2007-01-21 06:59:55 · answer #4 · answered by The H 3 · 0⤊ 2⤋
I CAN TELL YOU THIS MUCH THEY HAVE NEVER EARNED $1.00 THAT THEY HAVE EVER TAKEN FROM US!!!!!!!!
2007-01-21 07:03:25 · answer #5 · answered by dca2003311@yahoo.com 7 · 0⤊ 2⤋