so i have made well over 2 grand so far in just the summer and part of this month, and my brother keeps telling me that very soon, if i make more money, that i'm gonna have to pay taxes. what is the limit in order have to pay taxes as i am also a dependent, and 16.
2007-09-09 03:22:29 · 7 answers · asked by Raj B 2 in Business & Finance ➔ Taxes ➔ United States
It depends upon your earned income and unearned income. Unearned income includes interest, dividends, capital gain. Earned income is your wage income.
For Single dependents, you must file a return if any of the following apply.
• Your unearned income was more than $850.
• Your earned income was more than $5,150.
• Your gross income was more than the larger of:
• $850, or
• Your earned income (up to $4,850) plus $300.
Even if you don't meet the filing requirements, you must file to get refund (if you expect a refund). Never make a mistake of not filing your return when you are required to file. Also
* keep your records for many many years. For this right from your age, develop this good habit of keeping your records (like W2).
* Completing and filing a return will take less than an hour (every year). It is not at all difficult.
2007-09-09 04:27:55 · answer #1 · answered by MukatA 6 · 2⤊ 0⤋
I don't know about dependents, but 18 and over and not a dependent is $600. You may be income tax exempt, but there is still the matter of Social Security at a rate of 15% of what you make. If you made cash, or checks from different people and places. I wouldn't worry about it because of you age. The IRS is not going to audit a 16 year old who made 2 grand, it's not worth their time. If you were paid by check all from one entity, and it is a business that will write your income of on it's taxes, then you owe once you've made more than $600. And you would owe on that $600 as well at that point.
2007-09-09 03:37:37 · answer #2 · answered by awake 4 · 0⤊ 2⤋
If you are getting the money from a job, where they take out social security and medicare from your paycheck (the might call it FICA), then as a dependent you can make up to $5350 without having to pay any taxes. Even if you did have to pay taxes, you'd only pay on the amount of your earnings that was over $5350.
If the job is from self-employment, then the limit would be $399.
2007-09-09 05:01:45 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
It relies upon on a lot of issues like... are you an entire time student? do you have unearned earnings?, and so forth.. you likely could ask somebody who's an accountant (or works for one) on your area, quite than finding on what people say right here. they might or won't be wonderful.
2016-12-31 17:35:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Contrary to popular belief of uneducated liberal crybaby morons... 95% of all taxes are paid by the rich. You don't pay any at all until you fall into the category of middle class which if i'm not mistaken starts at around $32,000 per year. you, young man... will get back every bit of taxes you paid throughout the year, at tax time. Enjoy!
2007-09-09 03:31:59 · answer #5 · answered by troybuddy 3 · 0⤊ 5⤋
I think if you make more than 6,000 you have to pay.
2007-09-09 03:30:02 · answer #6 · answered by Anonymous · 0⤊ 0⤋
if your a student in uk you dont have to pay no taxes at all
2007-09-09 03:33:07 · answer #7 · answered by chelsea s 2 · 0⤊ 3⤋