does the govt take away money for tax for 16 year olds?

Question

i just turned 16...wanting to know if i get a job from somewhere i applied, every pay check do they take money out for taxes for teenagers in missouri?

but how much would they take out?

oh and...
yes i do go to school full time.
i'm going to be a junior in the fall.

Answer 1

You can have them not take taxes out by claiming "0" on your W-2s (a short form you'll fill out if you're hired anywhere that tells them how much money you want taken out of each check to apply for taxes), but that may end up with you having to pay them money in April depending on how much you make. There's no rule that says the government can't tax teenagers (full time students used to be exempt many years ago but not anymore). Any money you make is taxable by state and federal government.

I've always found it best to file "2" on your W-2 form, especially as a minor when you're still a dependant of your guardians. Filing "2" generally means that they take a little extra money out of each paycheck, but then whatever extra beyond what the government decides you owe will be given back to you as a tax return. It's nice to get several hundred dollars back when you file your taxes, and if you're good with money than the little extra they take out of each check won't be a problem.

Answer 2

Taxes can be paid by persons of any age.

There are three taxes that involve you and your pay:

1. Social Security and Medicare tax
2. Federal income tax
3. Missouri tax

Unless you are a domestic worker, like a babysitter, you will have the first tax taken out of your pay by your employer. You will not get a refund of this tax. The total of the first tax is 7.65% of your pay.

If you are going to be earning less than $5,350 in 2007 ( I am assuming this is the case), you will not owe the second tax. However, employers may withhold this tax from your pay. This depends on how you fill out your W-4 when you are hired. If you are going to be earning very little, you can put "EXEMPT" and there will be no withholding. Otherwise, a small amount will be withheld regardless of what you put on your W-4. You can get all of this back by filing a tax return in 2008.

If you earn under $5,350, Missouri will not tax you either. If any state tax is withheld from your pay, you can get that refunded to you when you file your state tax return in 2008.

Answer 3

why would you report your own father? this is wrong beside, he is worthless.. not even a penny E D I T: I just read it, and as much as I would like to say report him, I will still have to say don't do it. You are much more than him, at 23 years old, you have already accomplish a lot more than this guy will never accomplish in his whole lifetime. You still have a lot coming your way therefore let him go, sooner or later, he will have to pay for what he did. Also I command you for being a father to your little brother. I really did admire that. You will be just fine. also with the $700/month you are paying to your father why don't you just get your own place? A D D: why is it that more than half of all the questions you got on this question is all scam trying to steal you income by having you sign up for some kind of loan. Hope you know a scam when you see one. Best of luck

Answer 4

Liability for income tax is based upon your total earnings, not your age. There are infants who have taxable income.

If you're working part time at minimum wage, not a lot will be withheld but since you are most likely still a dependent of your parents you will pay slightly higher taxes than someone who is no longer a dependent.

You can go here for some handy tax calculators: http://www.paycheckcity.com Since you are still a dependent, you should probably claim 0 withholding allowances when you file the W-4 with your employer.

Answer 5

Withholding taxes from paychecks is something that will happen. You will need to complete a W-4 form before you start work, that will tell the employer how much to withhold.

If you earn relatively little, your taxes will be modest, maybe even nonexistant, and your parents can still claim you as a dependent.

If you earn a significant amount, it may be better to consider filing as an independent single. See a tax professional for this.

Answer 6

Yes, they'll take out 7.65% for social security and medicare. Whether you owe any income taxes or not to the feds or to MO will depend on how much you make for the year.

The responder who said that your parents will claim your income on their tax return is WRONG.

Answer 7

They would take out taxes in every state, but unless you meet the minimum income requirements you would get most of it back when you paid your taxes in April.

You can avoid most of them by claiming 2 exceptions on your W-4 when you are hired since you probably won't meet the threshold working part time at 16.

Answer 8

If you are a full time student, I understand that you may be exempt from taxation. However, anyone who earns money and is not in school must pay taxs. I am sure there are exceptions and you should call your local IRS office to find out more. Even if you do not have income, depending on the state where you live, it is a good habit to get into because you will be able to recieve any rebate and/or earned income tax credit.

Answer 9

Yes

Answer 10

Any income you have you have to report to the government and pay the tax they assess. if you have very little income, you are not likely to have to pay very much. learn how this works now, because you will be dealing with it the rest of your life. it's not that bad.