Friday, December 25, 2009

Do teenagers that work have to file a tax report ?

A girl at school told me that once you start working you are going to have to file a tax report. I don't really think it's true but just to be sure.Do teenagers that work have to file a tax report ?
Yes, you do. At the end of the year, your employer will give you a W-2 form showing how much money you earned during the year and how much was withheld from your pay in taxes. You file a tax return (usually a form called a 1040EZ or 1040A) and send it to the IRS (or do it on line) and in most cases, if you're only working part time, you'll get back all the money you paid in as a refund.Do teenagers that work have to file a tax report ?
Sometimes. It depends on how much you make. If you have ONLY earned income (no bank interest, stock investments, etc.), then you can make a few thousand without having to file an income tax form. Generally, unless you have either at least $1500 in interest, at least $1500 in dividends, or any capital gains, you can file Form 1040EZ which is very simple.
It depends on how much you make. If they take out social security and medicare, then you don't have to file unless you make at least $5450 for the year. If they don't take out ss and medicare then you have to file if you make over $400.
yes.





it's called a W-2


if you're still living with them, just get your parents to fill it out.





also, it may or may not be necessary based on your yearly income
It depends on your income. If your income is more than your standard deduction then yes you do.
Yes you will.

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