How much money does a minor have to make before paying income taxes?
What are the laws in that state of Oregon that have to do with a minor paying income taxes?
Like, how much money needs to be made before a minor pays income taxes? and what percent is taxed?
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if I recall correctly.. Oregon doesn’t have state income tax, so that is not relevant. A legitimate business (not things like lawn mowing, so forth) is required to deduct federal taxes.. not based on age but on amount of the paycheck. This is figured on a chart basis, even if the paycheck is $100.
Taxes are held by the Fed. govt.. and the following year, you need to file a tax return to determine the total tax that may be owed (or not owed, in some cases). If 500 is withheld.. and the tax FOR THE YEAR is found to be 350.. then you are sent a check for the remaining 150.
income is not based on age. if your single and under 65. you have to
file a tax return if you make over $ 5,110.00 dollars. a year. oregon has
a high state tax rate. they don’t have any sales tax. if you type
Oregon State Taxes in your search bar. the state website can be found
and you can find the tax info and forms you need if you make enough to
file. if you file your own taxes your parents can’t claim you as a
dependent on their taxes.