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Taxes HELP?
20Mar2008 Filed under: CorporationsQuestion:
i am 15 and 9 months i got hired at a dry clean place but, my dad still wants to see if we lose money because when i work i have to pay taxes and also at the end of the year i must file for tax returns and stuff like that, is there a way i can work but not lose any money and what is better filing for taxes in a joint thing or seperatly
please help
Answer:
As far as joint filing, that's only for people who are married to each other, so is not an issue for you and your dad.
You might or might not even have to file a federal return, unless money is taken out for income taxes in which case you'd want to file to get it back. You probably won't owe federal income taxes. You will owe for social security, but the employer will take that out of your check so you won't have to do anything.
Depending on where you live, there might be a state or local income tax that you'll have to pay.
You should end up with a lot of your wages left over after taxes, so will be able to have some spending money and also save some for college.
Good luck.
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