How much money do you have to make to file for taxes?
I’m 13 and I’m thinking about teaching piano to children… and i was wondering if i’d have to file for taxes.
If you are considered Self-Employed, you would have to pay Self-Employment Tax, which is social security tax and medicare tax, if net earnings are greater than $400. If your earnings are greater than the standard deduction, $5,450 for a single person, than you would also have to pay Federal Income Tax. You may or may not have to pay state income tax as well, depending on what state you live in.
If a business hired you to teach piano to children and is paying you a wage, then Social Security, Medicare, Federal and State taxes would be withheld from your wages. If your wages were below $5,450, then you would not have to file a Federal Tax Return. However, if this is the case and there was Federal Income Tax withheld from your wages, you would have to file a tax return in order to get that Federal Income Tax back.
The above is assuming that you are being claimed as a dependent on another persons return.