Thursday, January 21, 2010

How much tax do teenagers pay annually?

Any information on taxes paid by teenagers in the United States is helpful.How much tax do teenagers pay annually?
it depends on how much you make and what you claim on your W4.How much tax do teenagers pay annually?
Not a heck of a lot, actually. Most of the teens whose taxes I do earn less than the standard deduction and pay no Federal income tax at all. A teen who earned $5,350 or less would pay $0 in Federal income tax. A teen who earned $10,350 (rare indeed) in 2007 would only pay $500 in Federal income tax. The ONLY reason that most teens even file is to get the taxes that were withheld refunded to them.
It doesn't really matter if you are a teenager, what matters is the amount of money you make. If you are a tenager, living at home (w/ parents) and claim yourself as a dependant, you could make about $9,000.00 a year without paying any taxes.

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