Teen Tax Help?

Question

ok so I am a teen and I do work but not for a company or an organization, I havent had to fill out a w4 or w9 or whatever other w's that are need for taxes, at the rate im going now I'll be making about 2000 this year I was wondering how much taxes I need to pay, and what'll happen if I dont pay, I live in Minnesota

Answer 1

If you are just doing side work for people (like babysitting and cleaning) and not for a company or organization, I say don't report it! The government isn't going to get down on someone under 18 not paying taxes on extra money they earn.

Answer 2

Since they didn't have you fill out any tax paperwork when you started, I assume they are just paying you cash and not taking out any taxes.  For most jobs, this is illegal for them to do, and illegal for you too if you don't report it and pay tax on it.

You won't owe any federal income tax on $2000, or most likely any state tax. but you will owe self-employment tax - that's for social security and medicare.  If you make $2000, that would be $283.

If they ARE taking social security and medicare out of your paychecks, then you shouldn't owe anything more, they will have already taken out what you owe.

Answer 3

more then likley your parents will be claiming you on their tax return and your tax debt will be rolled up into their at their tax rate. Since i do not know who you work for or if it under the table (like you get paid in all cash off the books) i don't know why you have not filled out a W-4 yet but consider asking you parents about it since it will also be an inssue for then come tax season. Good Luck.

Answer 4

If you were filling out a w4 you could file exempt. I would think your paretns would claim you and than you would get nothing back. If you were to fill out a w4 and not put exempt your paretns still could claim you but you would get a refund. Since you say you havent filled out a w4 I assume you are babysitting or the like. You are SUPPOSE to claim this income, but the fact of it is with you being under 18 they arent gonna come looking for you for taxes unless the person you are working for turns it in. IE. Babysittng, the babys parents can get a deduction for child care. They are gonna want to claim that they paid you (they will need a SS #) Please check with your parents or call a tax professional who can help you with the details. Good Luck.  Here is an office you can call 502-484-0300.

Answer 5

If you are going to make $2000 this year, you can put "Exempt" on your W4.  Your employer will take out social security and medicare but not Federal or Minnesota taxes.  This assumes that you are an "employee" and not an independent contractor.