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| *Ostroff, Fair and Company>>>Other Taxes |
What do i need to know about paying taxes? |
yes, i know what means. a certain amount of money paid to the government. but how do you pay taxes? to whom, i mean? i'm 17 going on 18. so, i would really like to know some stuff about taxes. at least, i can ensure myself that in the future, i will be able to pay my taxes and all that. If you make over a certain amount of money, then its taxable either to the state or the federal gov. However, if you make under a certain amount such as $10,000 then you don't even have to file taxes unless income taxes are taken out of the money and you want to file to get some or all of it back. Also, their is something called EIC if you have dependent children such as your son, daughter, niece, or nephew, brother, or sister or be between 25 and 65 years old. Even if you work for yourself make sure you pay social security and medical taxes to protect yourself in the future. If taxes aren't being taken out of your pay then you should consider paying estimated taxes to cover yourself when you do file taxes. Source(s): IRS CODE www.irs.gov If you have a job it's automatic, you employer takes care of it.. If you are self employeed, get an accountant. You should claim 0 when you fill out your w-4. That way you will get back more money when you file at the end of the year. If your still a student and will not make more then 3700, or something like that you do not have to have taxes taken out. You only have to pay social security which is about 7.5 of what you make. |
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