 "CAUTION" Question may be disturbing? |
Did you know that there is no law that is
written that you have to pay Taxes?
Please don't respond until you watch
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 If my child was born on jan 1st at 12:45am 2009 can i still get the tax credit for 2008? |
Additional Details
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lilRed | 15 yr old son workin 20 hrs/wk gets paid $100 wkly- no taxes withheld but soc.security- will get w2-god or bad |
just told he will get a w2 at end of yr- only withholding is s ocial security- He will have to pay in right?? he will work 12 months out of the yr at about 20 hrs a which he nets about $100 a wk- will he pay in at end of year? Or me not be able to claim him on our taxes- or worse yet we have to pay in for him?? Help!
Additional Details
after school job workin 3pm to 8 pm, also he works a max of 20 hrs a week. Every Thurs. he gets paid 125 minus the social sec. the guy takes out of his check- and it is a check- not CASH money either!!! Should he just dump this job for in the end- someone is gonna have to get paid for not paying in Fed or State taxes- I Think? |
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pinkpugsy
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The IRS also has different rules for dependents who earn money. Generally, a child must file a return and pay tax due. But the amounts that trigger the filing depend on the type of income:
Earned, generally characterized as a salary, wages or tips.
Or unearned, which includes investment interest or dividends, capital gains, unemployment benefits and some trust distributions.
If a child (or any unmarried dependent younger than 65) has unearned income of more than $850, that person has to file. A return is also required if the dependent's earned income is more than $5,150.
What if a dependent has both earned and unearned income but doesn't reach the required filing amount for either? In this case, you must look at the gross income, that is, the total of both earned and unearned amounts. A dependent has to file if his or her gross income exceeds either $850 or if the dependent's earned income plus $300 is more than that $850 amount.
For example, last year Jim, a 13-year-old who lives with his parents, received $400 in interest and made $1,000 walking neighborhood dogs. Neither amount is enough in the unearned or earned categories alone to require Jim to file a return. But when Jim's $1,400 gross income is considered, he must submit a return because that amount exceeds the gross income trigger of $1,300 (his $1,000 in earned income plus $300).
Don't forget about self-employment earnings, whether you're a teenager running a lawn service or an adult with a 10-person manufacturing operation. This money counts toward determining if you have to file a return, regardless of whether it was your sole source of income or just an occasional side job to make a little extra cash. If this annual gross income amount is at least as much as the income level for your filing status, you have to send in a 1040 and Schedule C or C-EZ reporting your self-employment earnings. And remember to file a Schedule SE to pay self-employment tax if your net earnings exceed $400. |
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Judy1
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No, he should be OK, if he gets $100 a week all year he'd be below the limit where he'd owe tax or even have to file. And unless the $5200 is over half of his own support that he's providing (not likely) then you can still claim him as a dependent - and you wouldn't claim his income on your return. |
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bostonianinmo
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These numbers are not right.
At 20 hours a week at $10 an hour his gross is $200. If only FICA and Med were taken from his pay, his net would be a LOT more than $100 per week! $187.40 is more like it.
His annual gross would be over $10k which is well above the filing requirement amount of $5,450 for 2008. If no Federal income tax is being withheld from that wage, he'd owe about $500 at filing time next year.
At that wage level the only way that no tax would be withheld is if he claimed EXEMPT on his W-4 at work. Since he WILL have a tax liability for 2008, he is NOT entitled to claim EXEMPT on his W-4. Therefore he needs to change that quickly, so Single and 0 to avoid having to pay next year at filing time. |
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Ho.OT
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20 hrs/week and 100 /week is less than min. wage |
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thesweeteststar
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dang....he can come work for me! lol |
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Fiery
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At that age he should be exempt from any taxes, but once he hits 18 tax payers will start knocking on your door.
I am nearly positive on this.
("'(o.o)/"') |
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Dude
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First He's getting paid to little,and if they don't take tax out and he gets w w2 then yes,but if he doesnt get tax taken out it will create problems later in his life. |
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Mean Mr. Clean
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Well, he still gets the standard deduction (around 6000)
THAT is!!! unless the parents take that deduction for themselves as by claiming the dependent.
Taxes have nothing to do with age (well, perhaps state taxes vary) |
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