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If your state taxes income, and you make enough during the year to have to file a tax return, you may have to pay taxes. First you get your personal exemption and then deduct your business-related expenses.
If you make more than $400 as a self-employed person, you must file a federal (IRS) tax return. http://www.irs.gov/individuals/students/article/0,,id=96674,00.html
Even if you do not have to pay income taxes, you may have to pay a "self-employment" tax, which is very annoying.
What else can I help you with?
Can you claim taxes on babysitting if the parents do not pay taxes?
Yes, if you file your babysitting income as self-employed
Is a teenager dependent required to pay employment taxes such as FICA and FUTA on money earned by babysitting?
You could, but you don't have to.
Does a minor babysitting have to pay taxes?
Yes, i think the cut off is 1500 after that for a minor you must pay taxes.
Do I have to pay taxes on my babysitting income in Pa?
Yes, you are required to pay taxes on your babysitting income in Pennsylvania, as it is considered taxable income. If you earn above a certain threshold, you'll need to report this income on your federal tax return. Additionally, if you earn a significant amount, you may also need to pay self-employment taxes. It's advisable to keep accurate records of your earnings and expenses related to babysitting.
What if you have no money to pay your taxes?
You are legally required to pay taxes. Taxes are only due on money you have earned therefore if you owe taxes you have had the money. If you do not pay the taxes you owe you will be sent to court and made to pay - even if you go to prison you will still owe the tax man.
Do you have to pay taxes on estate money received?
Yes, you will have to pay taxes on any estate money received.
Does a teenager have to pay taxes on money that they make while babysitting?
Technically, yes. All income earned must have federal income taxes paid. State income taxes may also be owed. Fortunately, a minor's income tax rate is usually 15%.
Do athletes pay taxes on money won?
Yes they have to pay taxes on the winnings
Do you pay taxes on your checking account?
No, you do not pay taxes on the money in your checking account.
Do republicans pay taxes?
No they raise money on taxes
Do you have to pay inherit taxes on money willed to you in NC?
If you inherit money willed to you in the state of North Carolina, you must pay taxes on the money. Inheritance taxes are more than regular employee taxes.
How do you claim babysitting on your taxes?
line 21 of 1040,if you did the babysitting.
