Contents:
Depending on your employer, you may also have additional money withheld for medical insurance or retirement benefits. These taxes and other monies collected allow the government to pay its employees and provide services to our communities. Some of these services will be familiar to you.
The fire department, the police department, local parks and recreation centers, public libraries - all of these services are provided free because we all pay taxes on our income. At the end of each year, your employer will send you a W-2 form. The W-2 will contain all wages, taxes and other deductions for the past year.
You will use the W-2 to file your annual tax return. There you can find an example and explanation of a W-2 form. These services may be taxable in some instances but in many situations they are not taxable. Babysitting and many child care services are non-taxable. For more information check under the Young Entrepreneurs section of this site.
State Agencies Online Services. What about your time as you try to sift through confusing IRS forms and publications?
With my Teens and Taxes ebook you will save time, money and most of all frustration. You will avoid mistakes and IRS penalties.
This ebook is 40 pages filled with examples, tips, clear understandable language to explain when and if your teenager owes taxes. I even show you how to fill in the tax forms correctly. Thank you for your e-book on teen micro businesses. Your valuable experience and wealth of knowledge is vast.
If you need assistance, hire an accountant or use a tax preparation software program. Other Reasons to File Even a working teen who earns less than than the amount required for filing a return may have reasons to file. Income requirements are outlined in IRS Publication Get Your Tax Record. Standard mileage and other information. Several types of taxes are withheld from each paycheck you receive.
Your presentations at Cincinnati homeschool conferences and sharing with us over the years have benefited us well. I can hardly believe we are at this point in our life-and here he is a young man ready to try his fortune with the world.
Does a Teenager Owe Taxes? Cut through the confusion.
Learn about the taxes that affects teenagers in an easy to understand way.