Income tax?

Question

Do minors have to pay income tax for large sums of money? If so, what is the percentage? If it varies by state, what is it for Florida? Thanks!

I know I have to pay state tax and all that, but my question is only income tax, not any other taxes. Thanks. :D

Answer 1

Minors are still required in pay taxes.

Federal of course and depending on if you state has income tax or estate tax or other.

Best to check with a tax perfessional, there may be ways to limit the amount of tax you have to pay by putting the money in a trust or some type of college fund.

Answer 2

If you're talking about federal income tax, being a minor doesn't matter, it's how much money you make, If you make over $400 from self-employment then you have to file and will probably owe tax. If you don't have self-employment (or 1099) income, then if you are a dependent of anyone, you can make $5150 without having to file or pay taxes - if you can't be claimed as a dependent, then you can make $8450.

The percentage you'd pay depends on how much more than those limits you make. Being a minor wouldn't lower your taxes, you'd pay the same as someone with the same income, and marital and dependent status, who wasn't a minor.

Those numbers were for 2006 - some of them will go up a little, but not much, for 2007.

Since this is federal, it doesn't matter what state you live in. At least in FL there isn't a state income tax also, like many states have.

Answer 3

You still have to pay and the deductions will depend on whether or not it is earned income or like a gift or dividend. Also becareful if the minor is below a certian age they can be hit with the kiddie tax which taxes at the parents rate.

Answer 4

There is no tax law
If u find it show me the date it was ratified and the so called law