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    Teens and Taxes
    Teens and Taxes
    Teens and Taxes
    Ebook63 pages28 minutes

    Teens and Taxes

    By Carol Topp

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    About this ebook

    If you are a parent of a teenager, you may be wondering...

    Does my teenager need to file a tax return?
    Can my teen still be a dependent on my tax return?
    Will my teenager get a tax refund?
    What should I do if my teenager receives a form 1099MISC?
    How much can a teenager make before they owe taxes?
    What is the kiddie tax? Does it apply to us?
    What if my teenage is paid in cash? Do they still pay tax on it?
    What if my son is told he is being paid “under the table”?

    Parents of teenagers find taxes confusing. They don’t have time to read about taxes for teenagers. The IRS doesn’t gather all the information about teenagers in one place. It’s scattered all over the IRS website and regulations.

    Cut through the confusion. Learn about the taxes that affect teenagers in s an easy-to-understand ebook.

    Here is the TABLE of CONTENTS

    Chapter 1: Why Are Taxes So Confusing?
    Chapter 2: Real Life Examples to Clear the Confusion
    Chapter 3: Taxes for Employees
    Chapter 4: Independent Contractor: Fancy Title for a Job
    Chapter 5: A Business Owner: Living the American Dream
    Chapter 6: Household Employee: The New Title for Babysitter
    Chapter 7: Watch Out for the Kiddie Tax
    Chapter 8: Frequently Asked Questions

    You need the Teens and Taxes ebook if:

    Your teenager makes money by running a business
    Your teenager gets a Form 1099MISC in the mail
    Your teenager has income tax withheld from working as an employee
    You saved and invested money for their college expenses and it is earning interest or dividends
    Your child’s college fund has increased and you sell some of the stock, bonds or mutual funds in the account
    You are unsure if your teenager’s income should be reported on your tax return
    You hate reading confusing documents at the IRS website
    You accountant tries to explain taxes, but you leave more confused than ever!

    LanguageEnglish
    PublisherCarol Topp
    Release dateJan 7, 2012
    ISBN9781465892508
    Teens and Taxes
    Author

    Carol Topp

    I’m Carol Topp a CPA (Certified Public Accountant) specializing in tax preparation, small/micro business accounting, and nonprofit accounting. I work from my home office in Cincinnati Ohio. I also enjoy public speaking, writing magazine articles and helping nonprofit organizations.

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      Book preview

      Teens and Taxes - Carol Topp

      © Copyright 2013 by Carol L. Topp, CPA

      All rights reserved.

      No part of this book may be reproduced without written permission of the author except for brief quotations and for reviews.

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      Disclaimer and Limitation of Liability

      This book is designed to provide accurate and authoritative information about the subject matter covered. The author is not rending legal, accounting, or other professional advice. Any tax advice contained in this book was not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. Furthermore, this book was not intended or written to support the promotion or marketing of any of the transactions or matters it may address.

      The fact that a company, organization or website is mentioned does not mean that the author endorses the information or services provided. The resources mentioned in this book should be evaluated by the reader. Readers should also be aware that organizations and web sites mentioned may have been changed or ceased operations since the publication of this book.

      Readers should be aware that tax laws, regulations, rates and dollar thresholds may have changed significantly since the publication of this book.

      Table of Contents

      Chapter 1: Why Are Taxes So Confusing?

      Chapter 2: Real Life Examples to Clear the Confusion

      Chapter 3: Taxes for Employees

      Chapter 4: Independent Contractor: Fancy Title for a Job

      Chapter 5: A Business Owner: Living the American Dream

      Chapter 6: Household Employee: The New Title for Babysitter

      Chapter 7: Watch Out for the Kiddie Tax

      Chapter 8: Frequently Asked Questions

      About the Author

      Chapter 1 Why Are Taxes So Confusing?

      I am frequently asked if a teenager owes taxes. The simple answer is Yes, any American earning income, regardless of their age, owes tax. Unfortunately, the United States federal government's income tax system is complex and so, naturally, there is no simple answer to the question: do teenagers owe taxes?

      The difficult question to answer is how much the teenager owes in taxes, because there are several types of taxes a teenager might pay and several exceptions to the tax laws. Additionally, there are many ways that a teenager can make money today.

      They can have a part-time job or even several jobs.

      They can be self-employed like my daughter who taught piano

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