Ok, I was wondering is a person(s) under 18, were working, would it count as household income? Because I want to get a job, but my Mom said that if I do my insurance gets cut off. I brought this up in school and several students and a teacher said it doesn't.
I just need to know.
2007-12-18 12:20:48 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
It may be that your parents would stop paying for your insurance if you were going to be able to pay for it yourself. Your income does not count as income for your parents as far as taxes or insurance is concerned, and as long as you are under 18, it doesn't matter much for anything at all.
Except: Your own taxes. Don't be one of those people who thinks that you can't have to pay taxes if you're under 18. You do. You'll file a dependent's return, but you'll want to file. Depending on how much you earn, you might get back what you have withheld, but you might owe. My sister worked as a waitress and had to write a check to the IRS at the tender age of 16. But, remember, your tax is never 100%, so you're always ahead to have the money, even if you're taxed on it.
2007-12-22 07:55:52 · answer #1 · answered by Katie Short, Atheati Princess 6 · 1⤊ 0⤋
As far as filing tax returns are concerned, you don't file a return based upon household income.
If you are receiving some sort of public benefit or applying for student aid, those ARE based upon total household income and must be listed appropriately.
Some health insurance plans drop children over a certain age, sometimes based upon their income if they are over 18.
2007-12-18 20:32:14 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋