How much does the average teen citizen, (18 to 21 year olds), pay for income taxes per year?
I'm in the procces of gathering information for young teens who need additional info on income taxes. I'm under the impression that with this additional info, it may help teens understand the aspectes of the tax rates, and get teens more involved in government issues and let them be heard. Any info will be useful, thank you all for your time.
Public Comments
- My daughter who works full time only in the summer, but a few hours here and there throughout the year, and has a little interest income on her college fund pays around $100 in federal taxes. More is withheld from her paycheck so she generally receives a $40 refund when she files. This has held pretty steady for the last 3 years she's been working. She is presently 20 years old.
- This question has so many variables. Most likely the teen will be claimed by their parents so they will not be entitled to their own personal exemption. Earned income and Unearned income (investments, interest) have different rules. For earned income the teen would add up all their wages and then subtract the standard deduction ($5350) the remaining balance-if any, is what would be subject to income tax. This would be 10% unless the amount is over $7825 then it would be 15% of the amount over $7825. Most credits will not be available as they are a dependant of someone else. Every state will have a different deduction and rate, but generally the theory is the same. Income less standard deduction=Taxable income.
