i am working as an apprentice carpenter on the minimum wage, should i pay tax on this
2007-08-13 07:46:53 · 10 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Social security 6.2%, and medicare 1.45% of paycheck. As for federal withholding and state withholding, if your income is more than your deductions (either standard or itemized) and personal exemption, then you have taxable income, and have tax to pay. Hopefully your employer is taking out taxes for you so that you won't owe when the year is over. Without knowing how many hours you are working per week, I don't know how much you are making so can't tell you how much tax liability you will have, but have attached a website to a paycheck calculator.
2007-08-13 07:57:46 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you are under 18, odds are you are a dependent on your parents return because you wouldn't be supporting yourself. (Note, Tro continues to claim your parents have to support you; not true, you can't support yourself is the rule if you are under 19.) As a dependent, you get a sliding standard deduction. It's a minimum of $950 and a maximum of $5950. The sliding part is it's your wages plus $300. If you have no unearned income (savings on a college bank account), that means you can earn up to $5950 before owing federal income tax. At $10 an hour, that means you can work 595 hours before you would owe. If you know the total would be less than $5950, you can put exempt on the W-4. Otherwise, we suggest single/0. Even with exempt, fica/mc are required and not refundable. I have been doing my own taxes since I was 13. Think of your tax return as a report card. How much did you make, how much do you owe and did you have enough withheld or not. Most people prefer a refund to writing a check.
2016-05-17 04:15:32 · answer #2 · answered by ? 3 · 0⤊ 0⤋
You'd have to file a return and report it. You might or might not owe taxes depending on your personal situation. If you are single with no dependents and no extra deductions, you'll owe some taxes on it.
2007-08-13 08:42:29 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Yes everyone who works has to pay taxes
2007-08-13 07:54:00 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Yes, you will need to pay taxes. Next year when you file your tax return, you will most likely receive a refund.
2007-08-13 07:57:22 · answer #5 · answered by ♥ тнє σяιgιиαℓ gιяℓfяι∂αу ♥ 7 · 0⤊ 2⤋
You will begin to pay tax once your personal tax threshold has been reached.
2007-08-13 07:51:02 · answer #6 · answered by Mumofthree 5 · 0⤊ 0⤋
Yes.
2007-08-13 07:51:08 · answer #7 · answered by cashmaker81 6 · 0⤊ 0⤋
yes mate .. the good people of the goverment will want thier fair share.. robbing b8stards
2007-08-13 07:51:38 · answer #8 · answered by Anonymous · 0⤊ 0⤋
yes, no matter what your income is, you will be taxed on it. love the misfits skull. :-)
2007-08-13 07:54:20 · answer #9 · answered by Emily 6 · 0⤊ 0⤋
Yes, but it won't be much -- a few hundred at worst.
2007-08-13 07:51:28 · answer #10 · answered by Bostonian In MO 7 · 1⤊ 0⤋