how much money can my son earn in a year, before he wiould have to pay taxes?
488346
In 2006, the single person standard deduction is $5150, so he will not pay "income tax" on income up to that point.  However, he will have to pay "self employment" tax on that income as a self employed individual if it's more than $400. (15.3% of self employment income)  This is for FICA and Medicare.  He will likely get a 1099 from his employer for the total amount they pay him.  He can however, deduct any business expenses he had pertaining to this job to lower this figure on Schedule C.  So I would keep track of any expenses he had to pay out of pocket for this job, like mileage, any special tools or equipment purchased, etc.  Talk to a tax accountant and explain his situation for better advice.
774986
That depends on a number of factors such as the age and blood relationship you have with the adult.  If the adult does not have  a blood relationship they must have lived with you all year,they can not earn more than $3,300 (for 2006) and you must have paid more than half of their total support.\n\nYou can read all of the rules in chapter 3 of IRS Publication 17 at the following link;\nhttp://www.irs.gov/pub/irs-pdf/p17.pdf
967130
It depends on how much money the person makes. People have to pay taxes on any assets or extra money they make. Some people who make a certain amount of money (under the max you can make) don't have to pay extra money and they just receive it.
1161435
No, you shouldn't make enough money to have to pay any other kinds of taxes.  In fact, you may even get a refund.
1052037
if you earn money, you should file a W2 form, maybe 1040 and state tax form as well...depending on how much you make, you might get a refund or might have to pay.
978435
First of all, you NEVER add earned income from one person to another.  It doesn't matter how old she is, if she has earned income, you do NOT add it to your tax return.  In fact, the only time you add income from your child to your tax return is when they have unearned income (interest, dividends, sale of stock, etc.) over $850 AND your child is under 18.  As soon as your child hits 18, ALL of his/her income appears on their own tax return. (for 2005, these limits were $800 and "under 14", but I just read in the Wall Street Journal that the IRS is raising these limits to $850 and "under 18" for 2006).\n\nDo they have to file?  That depends on how much income and the type of income.  If their income is less than $850, then no.  If their income is over $850 but less than $5150 AND their unearned income is less then $250, then no.  (sorry for all the complicated rules...blame congress).\n\nBottom line, if all of your child's income is earned (W-2) and they earn less than $5150 (for 2006), then they do NOT have to file a federal tax return.  Should they file a tax return anyway even if their earned income is below $5150?  Yes if the amount in box 2 of their W-2 (arrives in late January) is more than what it would cost to file a return.  The amount in box 2 is what they had withheld and they would get all of this back if they earned $5150 or less in 2006.  If they earned more than $5150, they need to file regardless.  Their tax rate is independent of your tax rate.  The first $7,550 of income over $5,150 is taxed at 10%.  So, if they earned $8,000, their federal tax would be $285.  If they withheld $500 on their W-2 (box 2), they would be looking at a refund of $215.  When your child does his/her tax return (probably a 1040-EZ), make sure they check the "You" box on line 5 "Can someone claim you as a dependent?" if you are claiming him/her as a dependent on your return.\n\nWhatever you do, never add earned income from anyone else (except your spouse) to your tax return.\n\nAll of the above information is for the federal goverment.  Filing requirements for state tax returns vary from state to state.  Check with your state to see what their filing requirement is.  For Pennsylvania, the filing requirement is a measly $33 regardless if it is earned or unearned.  I've never done a state tax return where the child's earned income is taxed on the parent's return.
222132
Hi, well I don't know about other states, but in Texas if you (dependent) make over $500.00 a year your parents can't claim you.\n\nAnd I think if you make less then $5000.00 a year you don't have to pay taxes.
493971
lol, I'm with Teri. I would say contact a tax professional in the state that he will be filing and they should have those answers, as state tax laws vary state to state. Sorry I couldn't be of more assistance. :)
12376
http://www.thestreet.com/funds/taxforum/955718.html\n\nFor IRS (federal tax, not state) \n\nYou should file if you fit into any of the following categories.\n\nUnearned income, like interest and dividends, exceeds $700 annually; or \n\nEarned income, like wages and tips, is over $4,400 a year; or \n\nThe total of unearned and earned income is greater than the larger of (a) $700, or (b) earned income (up to $4,150) plus $250.
1167123
It depends on your filing status.\n\nFederal income tax on $1,000,000 by filing status from most to least:\nIf you are Married filing separate you pay $337,031.25\nIf you are Single you pay $330,470.00\nIf you are Married filing joint or qualifying widow(er) you pay $324,062.50\nIf you are Head of Household (usually single parent) you pay $327,562.00
882559
If you are earning 120 pound a week you will pay tax the threshold for tax is currently £5030 a year based on weekly annual earnings, if you work that out you are over the tax threshold, age has nothing to do with it. make sure you have a tax code on your wage slip which should be 503L if it says BR 1 you will be paying too much and will need to fill out a P46 if you dont have a P45.
620354
You will have to pay income taxes but not sales tax (although that will depend on your state).  Good luck.
868333
His income is not (it's household income), but his contribution of child support is, as that is income that your mother takes in.  My advice is to make sure that you should use whoever's income is SMALLEST, because that will make you eligible for more federal money.
58165
I've heard anything over 500.00 in yearly income counts.  Dont know for sure, as it depends on laws in your area.
1073113
$18,720 - assuming you don't take any unpaid leave.\n\nThis would be before taxes and any other deductions.
120408
That depends on many factors, including your state and local income tax rates.  However, you can use the tables at this site http://www.irs.gov/formspubs/article/0,,id=133517,00.html "backwards", to calculate the amount you'd have to earn before taxes to take home $35,000.
196337
It depends on your income and how many dependents you have as to how much money you will get back. They should withhold 258.74 in fed taxes if you claim 0 exemptions