0
Anyone who is a 'taxpayer' in the UK has to pay tax on interest earned. If the 16 year old is in full-time employment or is earning other sums then they could be a taxpayer and not exempt from tax at source on interest.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Do you have to pay tax on a savings account that earned less than 10?
Yes.
If we are building our home out of our savings no financing do we quality for the $8,000 tax break?
No the tax break is when you buy and you pay it back later anyway.
If you earn 5000 pounds a year how much tax will you pay?
if i earn £5000 a year what percentage of tax should i pay
What is the difference between tax free and tax deferred savings?
Tax free means that you will never be taxed on those savings. It's an exclusion as opposed to tax deferral where you will have to pay taxes sometime in the future. For example, when you contribute money to an IRA account, you can deduct that portion in the year that the contribution was made. However, let's say at the age of 75 you withdraw money from the account, that money will then have to be included in taxable income and will be subject to tax.
Does a 16 year old schoolboy have to pay income tax on savingsa?
no unless you are an adult in your state and have a paying job
How much tax do you pay on 85000.00 a year?
That all depends on your personal circumstances and the country you pay your tax in.
Can I use my health savings account to pay for long term care insurance premiums?
Health savings account are tax free, and the money that was supposed to pay the taxes can be used for long term care expenses
What taxes does a 70 year old have to pay?
A 70-year-old individual may still be required to pay various taxes depending on their income, assets, and activities. They may have to pay income tax on any taxable income they earn, including retirement income, pensions, or rental income. Additionally, they may be subject to property tax if they own real estate, and they may have to pay sales tax on purchases they make. It is essential for older individuals to consult with a tax professional or contact their local tax authority for specific guidance.
When you are 73 do you have to pay taxes?
Anyone who makes taxable income pays income tax. A 73 year old person in the US living on social security may not have to pay income tax, but will still have to file.
My salary is 142000 per annum. i paid the income tax or not?
Why are u putting this question here. Next year 2008-09 you are exempt. Now if you have not made any savings eligible u/s 80 C . Then you have to pay some tax.
What is the pay-as-you-go system of tax collection?
A pay-as-you-go system of tax collection is one where the taxpayers pay taxes periodically throughout the year. They do not simply pay a lump sum at the end of the year.
What is the federal tax withholding rate?
The withholding tax rate is based on the W-4 form you complete at the beginning of each tax year. This tax that is withheld from your paycheck during the year is merely an estimate of the taxes you will owe at the end of the year. You are required to pay into the IRS an amount equal to or exceeding 90% of the tax you owed in the previous tax year. If you do not pay this amount of more you may be subject to tax penalties due to underpayment of taxes so you really need to be carefull to pay enough tax during the tax year.
