Do they have to pay tax if they've earnt so much? I know you have to pay NI
2007-09-25 05:54:39 · 13 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
The other answerers are only guessing.
It does not matter what your status is, everyone in the UK pays tax on income over £5225 per annum in the current tax year. The next £2230 is taxable at 10% and the next £34600 at 22%.
2007-09-25 19:02:48 · answer #1 · answered by fengirl2 7 · 0⤊ 0⤋
No, it's not true. In fact as a dependent you may pay HIGHER taxes than someone who earns the same amount but is not a dependent. Students and dependents are subject to the tax laws just like everyone else is. A dependent will start paying Federal income tax as soon as their income from wages exceeds $5,350 (in 2007, it will be a bit higher in 2008) while someone who isn't a dependent will start paying tax once their income exceeds $8,750. And a dependent will start paying tax on unearned income such as dividends or interest once it exceeds $850 if it's their only income or as little as $300 if they have other earned income. A non-dependent won't pay tax on unearned income if it's their only income until it exceeds $8,750. For 2008, if your income from wages subject to withholding exceeds $5,450 you will NOT get all of your withheld taxes back. If you think that you might earn more than that -- very likely even at minimum wage working 20 hours a week -- make SURE that you claim 0 on your W-4 at your job or there's a strong likelihood that you will OWE when you file next year. And just as a sidebar, your Sister needs to have a good close look at IRS Pub 501 and IRS Pub 17 if she's doing anyone else's taxes! The basics of filing requirements are "Taxes 101" if you will and she NEEDS to be very familiar with this!
2016-05-18 02:07:09 · answer #2 · answered by ? 3 · 0⤊ 0⤋
They'd have the single persons tax allowance. I think it's about £6000 a year now. That means you can earn about£120 a week before paying tax. But anything more than that and you will pay tax.
2007-09-25 06:04:44 · answer #3 · answered by hecate321 2 · 1⤊ 0⤋
In Uk you do if you earn more that 1300 i think. So depends. My bro is 16 full time student but might get a night job. Earning more than that a month. So he would pay tax
2007-09-25 05:57:22 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes you do have to pay tax although its not as much as other workers. My son is in full time education and has a part time job, hes tax number is higher than mine. If in doubt get in touch with your local tax office who will explain everything to you.
2007-09-25 05:58:24 · answer #5 · answered by spensmum 4 · 1⤊ 0⤋
Every one (except the Queen) has to pay tax.
Most kids don't earn enough (> £5400), but there is no age limit on Tax :-)
In UK, the Inland Revenue even Tax the dead == it's called 'Inheritance Tax :-)
PS just think about it - if kids didn't have to pay Tax, EVERYONE would transfer ALL their earnings / assets into their kids names :-)
2007-09-25 09:10:36 · answer #6 · answered by Steve B 7 · 0⤊ 0⤋
You can earn up to I think £5250 and any income beyond that will be taxable. Our present government has many ways to tax you so you will be paying tax all the time, whenever you buy anything.
2007-09-25 06:05:56 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You would probably get money back, taking into consideration the low tax bracket job you have at age 18 and the college tax deduction...
I usually get back around $120...
2007-09-25 05:58:25 · answer #8 · answered by Anonymous · 0⤊ 1⤋
In the United States: yes. But you get a lot of tax credits so in the end you probably will be getting most of it back unless you are making oodles of money.
2007-09-25 06:12:03 · answer #9 · answered by coachfolds 3 · 0⤊ 1⤋
Yes. When you are older then 16, you do. However if you mean university payments, you only have to pay when your earning more than £15,000 per Annam
2007-09-25 05:58:03 · answer #10 · answered by Anonymous · 0⤊ 0⤋