How much taxes will be taken out of what I make if I'm 16. I heard it would be less than regular taxes or something.....this would be in massachusetts
2007-07-06 12:52:37 · 4 answers · asked by GrafZeppelin 2 in Business & Finance ➔ Taxes ➔ United States
Being 16 doesn't change anything - it's how much money you make that determines your tax rate. The person who told you that you'd pay less because you'r 16 is mistaken.
2007-07-06 18:43:51 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Taxes aren't levied by age. It is determined by how much you make. Since most 16-year olds don't make a lot of money, they tend to pay lower tax rates than the average tax-payer.
For federal taxes, if your income is below the minimum, you don't pay any federal taxes.
Just Be!
2007-07-06 20:00:34 · answer #2 · answered by MBA Don 4 · 0⤊ 0⤋
Basically, you are subject to the same tax laws as everyone else. If you had $1,000,000 in taxable income this year, then you will be taxed like anyone else that had the same taxable income.
Your age has no bearing on your taxes.
2007-07-06 20:45:17 · answer #3 · answered by Steve 6 · 0⤊ 0⤋
I was pretty sure it was nothing.....I could be wrong
2007-07-06 19:59:49 · answer #4 · answered by bored_out_of_mind2003 2 · 0⤊ 0⤋