Paying tax

[Spectrum]

What happens if they find out I am a minor?

Nothing. Minors have to pay taxes just as do people above 18. I personally filed for earnings below 4k and had to pay federal, state, and local taxes.

 

[Spenser]

I don't make a gross income for $7800 to need to file taxes as per Arkansas law, plus I don't have a job.

if you consider yourself "self-employed" legally you need to file federally if you made more than 400$ yearly.

 

[Spectrum]

if you consider yourself "self-employed" legally you need to file federally if you made more than 400$ yearly.

& most people on this site would be considered legally "self-employed" as they're selling items on their own, not for a company, etc.

 

[YourPanda]

What happens if they find out I am a minor?

Minors do have to pay taxes, providing you make over 10,000$ a year. However you are entitled to a full return 99% of the time.

 

[Spenser]

& most people on this site would be considered legally "self-employed" as they're selling items on their own, not for a company, etc.

the likelyhood of the IRS checking into small earnings like people make here, is slim to none. HOWEVER, its usually best to file anyways just to avoid headache, since most states have low tax rates & its not too hard with most online software.

 

[YourPanda]

When I was 16, I paid taxes even tho I only made 6,000$ in that year. However, I got a full return. As most do under the age of 18.

 

[Spenser]

Minors do have to pay taxes, providing you make over 10,000$ a year. However you are entitled to a full return 99% of the time.

not 10k but yeah.

 

[Spectrum]

Minors do have to pay taxes, providing you make over 10,000$ a year. However you are entitled to a full return 99% of the time.

For online earnings you're usually considered self-employed, so as Spenser said, its above $400, not $10,000 as it might be if you're working some sort of regular job. I personally wasn't entitled to anywhere close to a full return.

 

[Spenser]

When I was 16, I paid taxes even tho I only made 6,000$ in that year. However, I got a full return. As most do under the age of 18.

it usually cap starts at about 6.5k~ with max deductible being at 1k[DOUBLEPOST=1545582867][/DOUBLEPOST]

For online earnings you're usually considered self-employed, so as Spenser said, its above $400, not $10,000 as it might be if you're working some sort of regular job. I personally wasn't entitled to anywhere close to a full return.

minors usually have a different structure for taxes based on minimum income.

 

[YourPanda]

For online earnings you're usually considered self-employed, so as Spenser said, its above $400, not $10,000 as it might be if you're working some sort of regular job. I personally wasn't entitled to anywhere close to a full return.

I was referring to an IRL job, meaning working for someone. Not on the site.

 

[Kuchy]

if you consider yourself "self-employed" legally you need to file federally if you made more than 400$ yearly.

But i haven't so