Im 14... Taxes ??

Question

i live in Md btw.

im 14 & work at a fast food place. im homeschooled too if that matters. im only paying for fica & medicare. my friend who works with me has federal on her pay stubs. so i dont think im paying taxes? does that mean i would have to pay a huge amount back when everyone else gets their tex refund or w.e its called? im so confused about that..

would i really have to pay taxes at the

Answer 1

I doubt it ya wont make enough to worry about it So Dont

Answer 2

Since you are a dependent, you will have a Federal tax liability if you earn more than $5,450 in income subject to withholding.  You may have a State tax liability at a lower amount of income.

Check the W-4 that you filed with your employer.  If you claimed 0 withholding allowances you've done it correctly and if no tax is being withheld, your wages are too low to incur any tax liability.  If you claimed 1 or more, you need to change that to 0 to avoid the possibility of owing when you file your tax return next year.  And if you filed EXEMPT, give a new W-4 to your employer to cancel that claim.  Claiming exempt as a dependent is risky and should be avoided.

Answer 3

Your employer should be withholding taxes on you behalf.  At tax time you will probably get back all you paid.  When i doubt, ask your employer.

Answer 4

Where do u work? Cuz idk any places that hire under 16 and I wanna get a job.

Answer 5

You must file your tax return if your total income exceeds the filing requirement.

For the filing requirements of a dependent, read this

http://taxipay.blogspot.com/2008/02/fili...

Answer 6

Being under 18, you don't actually PAY taxes, even tho it's taken out of your check, you get EVERYTHING back at the end of the year when you file.  It's so cool to be under 18 and working!

Answer 7

Unless you think that you are going to make over $5450 this year, don't worry about it for Federal taxes.  There is a limit in Maryland too.  However, I don't know how much it is.

Even if you do owe when you file your tax returns, it probably won't be enough to have interest and penalties charged.

Answer 8

It depends on how much money you make, not how old you are.  And being homeschooled doesn't have any affect on your taxes.

If you are going to make under $5450 for 2008, then you won't owe any federal income tax - you might or might not owe some state income tax depending on where you live.

If you make over $5450 this year, yes you will owe income tax at the end of the year, so you'd be wise to change your W-4 right now to say zero allowances, so some it taken out.  If you've been working all year, you might still owe if you didn't have anything withheld the first almost half of the year.