do you start paying taxes once you get a job? and how would you pay it?
2007-02-25 11:30:44 · 10 answers · asked by ALESANA 7 in Business & Finance ➔ Taxes ➔ Other - Taxes
Have you ever purchased anything? If so welcome to the world of taxpayers. There are a myriad of taxes, sales, income, excise, luxury, property, obvious and hidden. If you have any money in your pocket your friendly government is doing everything possible to get as much of it as possible.
When you get a job you will be liable for income tax. Normally a portion of your wage is withheld. At the end of the year you will get a statement of the wages and withholding. Then fill out the Federal and State income tax forms and if you owe pay and if they owe you they will send you a check. It really sounds scary but it is reasonable straight forward especially until you buy a home or start doing some investing.
It really isn't anything to panic about...
2007-02-25 11:54:26 · answer #1 · answered by gimpalomg 7 · 1⤊ 3⤋
There is not a minimum age, but rather a mininum income. A baby who has a job as a model would pay taxes if he or she earned enough money.
The employer deducts an estimated tax from each paycheck. Then an income tax filing is made each year to pay an additional tax owed, or to claim a refund for any excess paid.
2007-02-25 11:39:57 · answer #2 · answered by fcas80 7 · 4⤊ 0⤋
It's not a matter of age, it's a matter of income. If you are working as an employee, normally taxes are withheld by your employer and sent to the IRS in your name throughout the year. Then at the end of the year, you file a tax return, and if you overpaid, you get the extra refunded to you, or if you underpaid, you have to pay the rest that you owe.
2007-02-25 12:12:55 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
If you are at the age of 15 and you have a part-time job, be assured that you will start paying taxes then.
2016-03-29 00:52:09 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you have enough income, you must start paying as soon as you take your first breath of air. There are infants with taxable income. Of course, their parents prepare and sign the return, but it's in the child's name.
Liability for income taxes is not based upon age. Age may affect some aspects, such as the number of exemptions you can claim but if you have income above the tax threshold, you must pay your taxes on it regardless of your age.
2007-02-25 14:28:37 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋
you pay taxes when you have income, you can be 1 month old and you would have to pay taxes if let's say your parents opened an account in your name that generated a lot of interest; and if that interest exceeds a certain amount it will be taxable
2007-02-25 11:38:47 · answer #6 · answered by NJchick 3 · 2⤊ 0⤋
Yes, you get taxes when you start having a steady income, so when you get a job you'd definitely pay. In most jobs they automatically take the taxes out of your paycheck.
2007-02-25 11:33:04 · answer #7 · answered by Miss Interpreted 6 · 0⤊ 2⤋
when you get your first job. Your job will send you a w2 and a w4, then you can go to your local public library and pick up federal and state tax forms. You can either fill them out yourself, have your parents help, go to a tax place, or buy one of those online tax helper things (they only cost $19-40 and they walk you through every step)
hope that helped and good luck!!
2007-02-25 11:40:15 · answer #8 · answered by ..... 3 · 0⤊ 1⤋
It's when you start earning money, not necessarily when you get a job (e.g. social security check gets taxes taken out) ! Most of the time though it is when you get a job..... taxes are then taken out!
2007-02-25 11:41:12 · answer #9 · answered by Anonymous · 0⤊ 2⤋
it is the matter of income
when u start earning you must pay tax
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2007-02-25 15:09:40 · answer #10 · answered by ellen h 2 · 0⤊ 0⤋