2007-11-29 04:27:15 · 9 answers · asked by xunsunghero 2 in Business & Finance ➔ Taxes ➔ United States
Yes it is true unless you file paperwork to become exempt.
2007-11-29 04:30:59 · answer #1 · answered by JLM 4 · 0⤊ 3⤋
Your tax liability depends upon your income, not your age. Your age will affect your liability as your parents can still claim you as a dependent. If you earn more than $5,350 (in 2007) from wages you will be paying Federal income tax. All wages are subject to Social Security and Medicare taxes. And many states have income taxes which generally kick in at much lower levels than Federal income taxes do.
Contrary to what another poster stated, there is no paperwork you can file that makes you exempt from taxes. If your income exceeds the threshholds you WILL be paying some tax so you will NOT get it all back at the end of the year.
2007-11-29 12:38:37 · answer #2 · answered by Bostonian In MO 7 · 4⤊ 1⤋
If you are old enough to work for an employer, your taxes would be deducted from your paycheck. But since you are a dependent child supported by your parents, you would fill out a form saying you were exempt and the taxes would either not be taken out or you could fill in a tax form at the end of the year and get your withheld tax funds back.
Because of child labor and safety laws, most business would not be allowed to hire you before you were 16. And even at 16, you would be limited in what types of jobs you would be allowed to do.
your parents may not want you to work right now.
edit: peachiechic's right, I forgot all about the medicaid, medicare, and social security withholdings. You won't get any of that back.
edit 2: the form I was talking about is the W4. You fill it in with your employer when you're hired. There is a spot (line 7) where you can claim exempt. but you do have to know ahead of time you are not going to be earning enough to be taxed.
2007-11-29 12:35:33 · answer #3 · answered by Invisigoth 7 · 0⤊ 3⤋
Yes you have to. They will take taxes fo things like Medicaid, Social Security. Be proud of earning your paycheck! It makes you appreciate your parents a bit more to see how hard they work and what they get in return for it.
2007-11-29 12:35:41 · answer #4 · answered by lady in black 2 · 1⤊ 0⤋
If you don't need the money park it in a ROTH IRA. Great for future retirement and it probably will not count against you for financial aid for college. By the way, you have to make more than $600 to pay taxes.
2007-11-29 13:25:40 · answer #5 · answered by Dennis 1 · 0⤊ 1⤋
you're probably too young to get a paycheck job anyway because of the child labor laws and age has nothing to do with paying taxes - if you make enough, you'll owe taxes
2007-11-29 13:31:35 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Yes and no. You will most likely get a full refund on your income tax, you won't get a refund for the other payroll taxes, such as unemployment, medicare and social sec.
2007-11-29 12:40:25 · answer #7 · answered by John r 6 · 2⤊ 0⤋
yes. Anyone who works have to pay taxes.Age does not mean anything to the government.
2007-11-29 12:34:38 · answer #8 · answered by dallaslibra 4 · 2⤊ 0⤋
Yes. If you work, you pay taxes. However, at your income level you will get it all back in refund.
2007-11-29 12:31:07 · answer #9 · answered by suzanne g 6 · 0⤊ 3⤋