Kids often get an allowance or have some kind of part time job, and everytime they purchase something they have to pay sales taxes.
2007-03-01 06:03:46 · 6 answers · asked by Eric 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Children pay ZERO taxes even sales taxes. Their money doesn't come from THEIR labor.
2007-03-01 06:12:17 · answer #1 · answered by Anonymous · 0⤊ 3⤋
According to the 2000 Census, 6.9% of the U.S. population is age 10 to 14 -- what I would think would be the ages most likely to earn allowances. According to the Special Census on poverty, 12.1% of the country is impoverished -- at least that many of the above children are too poor for allowances. That still leaves close to 6%.
THEN you could make a ratio for average adult income to average allowance (and you'd probably have to guess on that) so that you factor in how little children pay proportionately with their much less expensive expenses.
Finally, you can check each state's budget for the amount they receive from sales tax and then work the tiny percentage of each. Each state has a different sales tax and some states have no sales tax.
2007-03-01 06:24:35 · answer #2 · answered by streamwood_librarian 2 · 2⤊ 0⤋
Check on the IRS web site but generally a kid isn't going to make enough money with an allowance or a part time job to be required to file a return.
Age is NOT the deciding factor in the filing of a return. Income is.
2007-03-01 08:12:26 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Children pay income taxes under the same general rules as adults, with only minor exceptions (pardon the pun). Of course they usually have very little income. A child movie star might have a lot of earned income and pay a lot of tax.
2007-03-01 07:35:06 · answer #4 · answered by CarVolunteer 6 · 2⤊ 0⤋
there income from the part time jobs are small things from freind and family correct unless you claimed those as wages paid to employees they don't hve to claim. Children interest is claimable if over $1,500 and is taxes at the parents highest tax rate. Other wise it must be nice to be a kid.
2007-03-01 07:13:17 · answer #5 · answered by maria169 2 · 0⤊ 1⤋
As far as I know, they don't have income taxes.
Don't think they will be ever taxed, is too high a price to pay for any politician who would propose such tax, for the relatively few money they will get.
They pay the usual sales taxes when buying things.
2007-03-01 06:10:10 · answer #6 · answered by Carlos G 3 · 0⤊ 3⤋