cazort
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Taxes are very complicated and it's hard for me to give you a short answer to your question--the answer is--it depends on a lot of things. The short answer is that age doesn't matter much for paying taxes, it's earning income that matters...you start paying taxes generally when you start earning income, which is around 16-18 for most people, possibly later for a few people who don't have jobs through college.
Long answer:
Everyone who earns income must pay taxes--unless the taxes are wiped out by deductions, credits, exemptions, etc. However, not everyone is required to FILE taxes--filing taxes is separate from paying.
There is not an age limit requirement for filing income taxes, but rather, an income limit. However, age does affect both filing requirements and deductions. A single person does not have to file taxes unless they make at least $8,450, or $9,700 if they are 65 or older. The situation is different for married couples, single people supporting children, etc.
Not everyone who is required to file a return is required to pay tax. For example, you may earn more than the limit required to file--but because of various deductions, tax credits, etc. you get all your money back. In the case of EIC (Earned Income Credit) or the additional child tax credit the government may actually pay you back more than you paid them.
There is one other way that age affects income taxes--in a few weird cases parents are allowed to report their young children's income on their own tax return. I've never seen anyone do this, however--this is usually only in the case that a parent sets up like a fund or something where a young child is earning investment income, and it makes sense to treat it on the parent's return because it's basically the parent's money.
One last note--even if you are not required to file a tax return, if the government owes you money (because of tax credits, deductions, etc. combined with money withheld from your paycheck) it is worthwhile to file taxes anyway. |
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