I'm 16 years old looking for a min.wage job for like 25 hours a week. But after researching..i'd be paying about 30% of my paycheck just to taxes. seriously wtf?! Didn't our country fight a war to get rid of taxation without representation?! why am i being taxed when i can't even vote???
2007-10-17 11:50:41 · 7 answers · asked by stonesfan_17 4 in Business & Finance ➔ Taxes ➔ United States
No, actually, you won't be paying anywhere near that in taxes. If you worked 25 hours per week for 52 full weeks you'd earn about $8,900. Since you're a dependent, you'd pay about $355.00 total in Federal Income Tax for the entire year on that income. (If you weren't a dependent, you'd pay less than $50.00.) If more than that is withheld, you'll get the excess back when you file your return shortly after the New Year.
You'd also pay about $681.00 in Social Security and Medicare taxes. Everyone pays those; there's no way around it.
If your state has an income tax you'll generally be looking at a couple hundred at most for that.
Figuring your Federal Income Tax and SS and Med, the total would be about $1,036 for the entire year. That's about 11.6% of your total wages -- and that's ONLY if you worked 25 yours a week every week all year. You probably won't work anywhere near that much while you're still in school. That's a FAR cry from 30%!
2007-10-17 14:23:01 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Wait a minute. First, income taxes is based upon the 16th amendment of the U.S. Constitution. If you work you will pay taxes that is life. You and I can not change that. I am sure that the 30% from your paycheck includes at least: Federal Taxes, State Taxes, Social Security and Medicare. More than likely, you will probably get all of your tax withholdings back (federal and state) after you file your 2007 taxes next year. The Social Security amount is for you later in life. Everyone who works pays Medicare which is also for you later in your life. Why not talk to a Business Instructor at your High School?
2007-10-17 20:00:46 · answer #2 · answered by Gary 5 · 0⤊ 1⤋
You pay taxes as soon as you begin to work a legal job. Taxes are (theorectically) used for a number of different resources in which each of us are exposed to on a daily basis.
I understand your point, however. I do not believe that those whose gross income is at minimal wage, or below the poverty line, should be made to pay taxes. Most are already struggling enough to meet daily needs, without having to worry about making up the 30% or more wages automatically taken out of their pay.
As another individual already said: Welcome to the real world!
2007-10-17 19:02:40 · answer #3 · answered by ToniSB 4 · 0⤊ 1⤋
Because you work and are an American citizen. If you were illegal you wouldn't pay taxes, only reap the benefits. If you were lazy and didn't want to work you wouldn't pay taxes, only reap the benefits. If you were a criminal you wouldn't pay taxes, only reap the benefits. That is the price you pay for being an honest citizen.
I have to admit, a certain (small) amount of tax is important to finance important programs. However, there is not enough regulation on these programs. For instance, we now send social security and disability benefits to families of illegals in other countries. We are a nation of fools.
2007-10-17 19:09:36 · answer #4 · answered by STEVE P 2 · 0⤊ 3⤋
In reality, you will not be paying that much in taxes because your income will be low. And you are paying taxes that go toward your education as well as other things. Your representation is through your parents.
2007-10-17 19:05:36 · answer #5 · answered by Gypsy Girl 7 · 1⤊ 2⤋
When you enter the workforce like the other 90% of Americans, taxes come out your check to pay for medicare, medicaid, schools, paying your local government jobs (like the police force). I mean the list goes on. Welcome to real life!
2007-10-17 18:57:27 · answer #6 · answered by Andrea H 7 · 0⤊ 1⤋
Welcome to the real world.
2007-10-17 18:54:37 · answer #7 · answered by Anonymous · 3⤊ 4⤋