I Have A Job That Pays ALOT. I'm 16 going on 17 years old. What taxes am I supposed to pay?

Question

And when do I file to pay them?

I just want to keep myself out of trouble with the IRS. Or whoever keeps track of my money.

BTW, I live in Dallas Texas.

I work online.

im self employed.

Answer 1

1. Your income will be self-employment income. On your tax return it is to be reported on Schedule C of Form 1040 to figure out your net profit.

2. You must keep track of your gross sales and expenses to figure out net profit. This net profit is subject to Self Employment tax @15.3%. For this you will file schedule SE (Form 1040) with your Form 1040.

3. Open a bank account exclusively for your business activity. This way you can easily keep your personal and business expenses separate.

4. You must file your tax return form 1040 before April 15, 2008. Your filing Status is Single dependent, unless you are paying more than half of your support for the year.

5. At appears that this is your first year. But in 2008, you need to take care of making estimated tax payments also.

Answer 2

You'll file a tax return on a 1040 form with a schedule C or C-EZ, and a schedule SE attached. The return is due on April 15, but if you are going to owe over $1000 total, you need to be making quarterly payments.

Depending on where you live, you probably also have a state income tax, and maybe local income tax. Those are usually due on April 15 also.

Answer 3

One thing no one has mentioned yet:

THERE IS NO STATE/LOCAL TAXES IN THE STATE OF TEXAS.

Just saw your additional comments you are self-employed. As long as your net profit is above $400, you MUST file. You might also need to make quarterly estimates. Use 1040-ES to determine to correct amount to send in each month.

The federal tax return is due April 15, 4 months after year-end. You may file a 6-month extension but be advised this does not relief you of any additional tax liability.

Answer 4

Your employer should have given you a form called a W-4 upon hiring you. This form is used to take taxes from your pay for the state and federal according to how many dependents you claim. If your employer did not provide this for you then you need to speak to him about the matter. You are required to pay state and federal taxes with any employment unless self employed they have the option to pay quarterly this is set up with the irs.

Answer 5

OK, I'm assuming your employer doesn't withold the taxes. Federal is around 22%. State and local varies and you can find that out easily online.
Normally, if the employer doesn't withhold taxes then you should file quarterly. More than likely tough you would file a 1040EZ so you should be OK. All tax forms are due in on April 15th.

Answer 6

you pay allot, they should come off your pay cheques then each year at tax time (youll know because everyone will be talking about it on the radio) you file your taxes using a slip they give you from work telling the government how much you made that year and how much you already paid, you may have a small amount to pay at that time or they may give you a rebfund if your company over paid for you.

Answer 7

You pay federal and state taxes. You usually file on or before April 15.

Answer 8

Without knowing exactly how much "a lot" is there are too many variables to give you any kind of useful answer. Do not put too much stock into the previous answers.

You say that you are self-employed. Will you be spending money to produce this income? Using your car? Computer?

Answer 9

You will have to pay income taxes on you wages over $5350. Fill out the worksheet on the W4 form if you need help call 800-829-1040 to have the proper amount withheld so you won't owe.

Answer 10

Your employer should withhold taxes and in early February you should get your W-2 and you have to file by April 15.