Do I have to pay taxes for a summer job?

Question

i'm 16 and currently doing an internship at a law firm only for the summer at $8/hr. Do I still have to pay taxes?

Answer 1

Something interesting I have learned about the law: It is essentially all taxes.

If you learn taxes, you will become a natural at business law.

Now to the question: Since you are not 18, you will be clasified as a dependent and will be on your parent(s) return. So you, will not have to pay a penny. The paycheck you get will usually already have the taxes you owe on that income deducted from it.

You will get a tax refund check at the end of the year too. Your parents will benefit from you being on their taxes because the more dependents people have the more tax deductions they get.

Answer 2

I am assuming your summer job is your only income for 2007.

You will be paying 7.65% of your wages for Social Security and Medicare taxes. You will not get a refund of these taxes. These "payroll" taxes will be taken out of your paycheck.

There may be a very small amount taken for federal or state unemployment tax.

As for federal or state income tax, a summer job at $8 an hour would not result in enough income to pay taxes. If any such taxes are taken out of your pay, you can get those taxes back by filing a tax return in 2008.

Answer 3

Let's assume you work 40 hrs/wk and are paid every two weeks. Your gross pay will be $640. I will assume that you claimed one exemption when you completed your W-4 form. Your employer is required to withhold your federal income taxes based on $640 less one withholding allowance of $130.77 (640-130.77=509.23) of $28.70 + 15% of the amount over $389. Your federal taxes withheld will be $46.73. Your employer will also deduct $48.96 for social security and medicare plus applicable state taxes, if any.
You should file a tax return in 2008 as soon as you get your W2 from your employer. Depending on your total wages and your tax status (your parents will probably claim you as a dependent) you will get a refund of much or all of the withheld federal income tax.

Answer 4

Maybe, but you will want to file a tax return in any case. If you don't actually owe the government any taxes, you can get the money which your employer withholds from your paycheck and pays for you back into your wallet. Each time you get paid, your employer should provide a pay statement which tells you the amount of taxes which they withheld and paid for you. Again, during January (usually) you should receive a W-2 form which gives the total of the taxes withheld and paid for you.

Answer 5

If that's your only income for the year, you probably won't owe any federal income taxes for the year since you'd be below the amount where you have to file and pay tax. If any income tax is withheld though, you can file and get it refunded.

You'll pay social security and medicare tax from each paycheck - this should be withheld, and you won't get it refunded to you.

State tax depends on where you live - you might or might not owe some.

Answer 6

It depends on how much you're going to make by the end of the summer, in addition to what you'll be making for the rest of the year. I'm not sure how much it is (I live in Oregon, and I'm not sure if it changes from state to state), but if you're under a certain amount, you don't have to pay certain taxes.

Answer 7

If you expect to earn less than $8,450 and you paid no tax last year you can mark your W4 "exempt" and have no taxes taken out. You will still pay social security, medicare, and any other taxes required in your state.