Yes this could be possible.
If a minor has any income tax liability the minor would be required to file a income tax return. When you are a dependent on another individual income tax return and you have 950 or more of unearned income you are required to file a federal income tax return.
You could pursue a double major in psychology and business administration. Alternatively you can get a major in one of those subjects and a minor in the other. As for your income that depends upon your business and your market.
Taxes are not age-dependent. In general, if you make money, then you have to file taxes. In some cases parents are allowed to fold the income of their minor children into their own tax returns, but if you have income at all, then SOMEBODY has to pay taxes on it.
Yes and if any federal income tax was withheld from the earned income the minor could possibly receive a refund of some of the withheld FIT amount IF the minor files a federal 1040 income tax return and it is completed and filled out correctly and signed by the minor.
yes a minor can engage in business, but can not sign a contract of any sort.
It's more like, how little do you have to make. That varies among the States.
It is dependent on what state you live in.
If a minor is not legally allowed to work under the Indian Constitution, they can not have legal income. They may have money they've gotten from their family but that does not count as income.
Presuming you claim him as a dependent, his income becomes yours. What the rules try to make sure that a parent can't have some income go to his children, who would have a much lower tax rate than the parent. It must be taxed at the parents rate. See the question "How much income do you have to earn before you file income tax?" which I'll try and link below too for more.
When a person turns 18 in New Jersey, they are no longer a minor unless they are dependent on their parents.
Only a court of law, can award custody of a minor or dependent adult.
IRS rules allow a guardian to claim the minor if the guardian provided more than 50% of the minor's support for that tax year.