income tax returns for minors?

Question

which of the taxes do i get back? on my paycheck it says i pay oasdi, med, then general federal withholding, then i have two types of Ohio taxes and one city tax. i am 16 and am excited to get mah mohhhhnay back come January.

Answer 1

Depending on how much you make, you might get some or all of the federal withholding, and possibly some of the Ohio tax.

Answer 2

Don't get too excited. You may or may not get anything back and in most cases if you do get anything it will only be a couple of hundred.

OASDI and Med are Social Security and Medicare. Those are levied at fixed rates for all workers. You'll get NONE of that back.

You might get something back on the Federal Income Tax Withholding. How much will depend upon your tax liability and that will depend upon how much you earned. If you earned less than $5,350 and have no unearned income (interest from savings, stock dividends, etc.) you should get all of that back.

You might also get a couple of bucks back from Ohio and even less from the City.

However if you made more than $5,350 and claimed 1 or more withholding allowances on your Form W-4 when you started the job or if you have unearned income as mentioned above you could even wind up OWING a few $$$ when you file. Without knowing how much you earned and how much of each tax was withheld there's no way to say exactly what you might be looking at.

Answer 3

Your age has no bearing on whether you file or do not file. If a two year old child earns income, that two year old child is required to file a return. I don't know what your total wages are going to be for the current year, but since there is a good possibility that none of your income is subject to taxation and the only way for you to receive a refund of the tax that was withheld throughout the year is for you to file a return.