i live in Maryland, and i want to get a part time job after school
but i dont want a job if i have to pay taxes on what i earn. i want a job so i can have money to use when i go to collage in 4 years
no stupid answers please
2007-10-12 10:38:56 · 11 answers · asked by Abby B 3 in Business & Finance ➔ Taxes ➔ United States
If you make money you have to pay taxes. For federal income taxes you can make around $4,500 without paying taxes. I don't know about MD state taxes.
Also, 7.65% of your income will be taken for medicare and social security no matter how much or little you make.
My advice, don't worry about the taxes. just make as much as you can. It's better to make $10,000 and pay 10% than make $5,000 and pay nothing.
Also, if you can make money in a business of your own (ex. lawn care, computer repair, etc..) it's better than being employed by someone else because you get to deduct things that you're paying for anyways.
2007-10-12 10:47:16 · answer #1 · answered by Nianque 4 · 2⤊ 1⤋
There are limits you can make before you have to pay taxes, but if you make more than the limit, you have to pay taxes no matter how young or old you are. If you get a job though, you'll still have most of your earnings to save toward college.
2007-10-12 17:37:35 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You are going to have to pay taxes on what you earn - however you get it all back at the end of the year when you file a tax return. It is kind of like a really easy savings account!
2007-10-12 10:41:39 · answer #3 · answered by blair o 2 · 0⤊ 0⤋
You always have to pay taxes. If you have a job, taxes are automatically removed from your paycheck. Unless you're mowing lawns and babysitting for a living and getting paid cash, your earnings are reported to the government. That's what that 'FICA' listing is on your pay stub. And you're not going to make enough for college babysitting and mowing lawns. You are becoming an adult, and will have to come to terms with the fact that everybody pays taxes.
2007-10-12 10:46:17 · answer #4 · answered by gilgamesh 6 · 0⤊ 1⤋
It depends on how much you make. I am assuming you are a dependent (supported by your parents).
Maryland taxes must be paid if you make $8400 a year or more (single or dependent category).
Federal taxes must be paid if 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.
2007-10-12 10:53:48 · answer #5 · answered by G.V. 6 · 0⤊ 0⤋
You want a job to earn money, but you don't if it means you have to pay taxes.
Hmmm...let's think about this math, with $100 as an example.
No job = $0 taxes = $0.00
A job = $100 minus $5.00 taxes = $95.00
Yeah, I wouldn't want to get a job, either.
2007-10-12 12:06:09 · answer #6 · answered by frissy 3 · 0⤊ 0⤋
It depends on how much you earn. There will probably be some taxes, but not a lot. You should be able to keep most.
2007-10-12 11:05:30 · answer #7 · answered by StephenWeinstein 7 · 0⤊ 0⤋
Pay your taxes and you will probably get all that you paid in back when you file your taxes.
2007-10-12 10:47:08 · answer #8 · answered by hdf69 5 · 0⤊ 1⤋
You work, you pay taxes! That's what freedom costs!
2007-10-12 10:47:36 · answer #9 · answered by Wounded Duck 7 · 0⤊ 1⤋
If you work you have to pay taxes. No matter what age you are.
2007-10-12 10:41:30 · answer #10 · answered by Jennie 3 · 2⤊ 1⤋