Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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$3.85? Whoa, when was the minimum wage that low? :dontknow:
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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Let's just say is has been awhile. While working at the college computer center the minimum went from $3.85 to $4.40 and my boss was flipping out about going over his budget. I told him not to worry...
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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Writing student was probably the same thing as writing EXEMPT. That means that you were exempt from taxes the prior year and expected to be this year. That way you didnt have taxes taken out only to...
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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When I worked on campus in college my boss just had me write STUDENT on my W-4 and I got the full $3.85 per hour. No withholding, no W-2 and I never filed taxes until I got a "real" job after...
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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Yes, of course!
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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16 Replies
2,104 Views
The trouble with the internet is that everyone is an expert and I have Googled scores of answers to my query. So please only answer if you know for sure.
My 16 year old started working this...
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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Yes, of course.
http://www.irs.gov/publications/p929/ar02.html#en_US_2011_publink1000203764
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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Yes he will have to file and pay federal income tax if he earns enough.
First thing to to understand is that this is called earned income not capital Gaines, dividends or interest.
Next, you...
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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Out of idle curiosity, what kind of morons were you asking on the other sites? It is pretty common sense that age would not make a difference when filing taxes/determining tax liability. If it did, I...
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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This is what is relevant to your son since you are going to claim him:
Standard Deduction
The standard deduction for an individual who can be claimed as a dependent on another person's tax...
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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Thanks, but that is clear as mud to me. Lots of examples for qualified dividends and capital gains, um yeah, he does not have rich grandparents who set him up with investments. I read somewhere...
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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His age is not really of any relevance. If he has income, then it needs to be reported. Sans the taxable interest income, Example 1 is fairly similar to your situation: "Michael is single, age 15,...
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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Well FICA is just 5.65% this year...and will be 7.65% next year (unless the government decides to keep the 4.2% SS tax in effect).
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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If you have TurboTax (or you can go on their website) or some other tax software, you can try inputting the info in that to see what it results. Also your kid is likely going to be claimed as your...
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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His employers are required to file all the payroll taxes so he has to as well. The good thing is, probably due to his small amount of gross income he will get most of his withholding refunded.
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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Yes. You earn, you pay. I've had to pay taxes since I was 16 as well. I grew to dislike the IRS for "taking my money". :lol:
Taxes for a 16 year old?
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Thread created 06-28-2012 by RHCCapri
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+1 Age is irrelevant. All you really need is the tax tables. He pays $x amount for making $x amount. Since you claim him, he cannot claim himself. So he files form 1040EZ (probably) and claims no...
