I lost a pretty penny to the IRS. Is their certin conditions you have to be under in order to be "dismissed" on taxes?
no mean comments please, thanks! - j
2007-07-31 06:27:50 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Nope, no matter how old you are, as long as you are breathing and have taxable income, you have to file a tax return and pay taxes.
2007-07-31 06:46:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Age is NOT a consideration in the amount of taxable income you can generate.
Generally you won't have to pay much in the way of taxes if you don't make all that much money. The small disadvantage teenagers and college aged people have is that they are usually declared "dependents" by their folks. A dependent is someone who has a majority of their life paid for by the parent. This won't really affect someone unless they are making more than $4500 or so in a given year.
Other things to watch out for: signing up as a 1099 contract employee. A 1099 employee is responsible for ALL of their own taxation and pays a similar amount to a W2 employee. The sole advantage of being a 1099 employee is that you have a list of items you can write off (lower you taxable income) each year.
And remember, just because you paid it out initially doesn't mean you won't get it back next April.
-Aaron
2007-07-31 13:39:38 · answer #2 · answered by aaron_montague 2 · 0⤊ 0⤋
Nope, your age doesn't have anything to do with what taxes you owe - that depends on your income.
You might be thinking about the ability to file "exempt" on a W-4. That doesn't mean you don't owe taxes, it just means that your employer won't withhold income tax from your paycheck, so you'll have to pay it all at the end of the year if you make enough to owe any. You are only allowed to file "exempt" if you do not expect to have any tax liability for the year, and didn't have any the previous year - if you file "exempt" falsely, you can be fined in addition to owing the taxes.
2007-07-31 13:52:39 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
If your parents claim you on their taxes and you have a part time job you should be claiming S-0 on your W4 to avoid owing the government money. The parents get the tax deduction from having a child, not the child him/her self.
Even if you make $1 you owe the government taxes on that money...the IRS says that if you make between $0 and $7825 in 2007 you owe 10% of that income in taxes.
It is a myth that if you make less than X dollars you do not have to file and you do not owe money. I really don't know where that myth comes from...but I think those incharge of having our youth fill out W4's needs to do a better job of explaining them because I really think that is where a lot of these problems come from.
2007-07-31 13:46:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You must pay taxes on any income earned, however, depending on your situation, if you are single you get a $5,150 standard deduction and a $3,300 personal exemption if you are not claimed as a dependent. So technically, your first $8,450 of income is tax free and then 10% for ever dollar after that until you get to the next tax bracket.
No dismal. Even if you're dead, you still owe a tax return.
2007-07-31 13:53:11 · answer #5 · answered by Jason L 2 · 0⤊ 0⤋
I've worked for the IRS, if you have a "real" job, you have to pay taxes. No exceptions. We even receive tax forms from people that are dead. No kidding ! Death and taxes are two things you can't escape. Sorry
2007-07-31 13:38:01 · answer #6 · answered by Vinegar Taster 7 · 1⤊ 1⤋
It's about how much you make not your age. If you make under a certain amount you do not have to pay.
2007-07-31 13:38:35 · answer #7 · answered by Tim S 2 · 0⤊ 0⤋
if you work you pay taxes no matter how old you are
2007-07-31 13:37:58 · answer #8 · answered by Sooner Girl 2 · 1⤊ 0⤋
age will not matter
2007-07-31 13:35:30 · answer #9 · answered by Anonymous · 1⤊ 0⤋