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What percent do i pay if i am under 18 and am high earning affiliate?

Discussion in 'Business & Tax Advice' started by thebomb, Mar 6, 2013.

  1. thebomb

    thebomb Jr. VIP Jr. VIP Premium Member

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    Hey everyone!,

    I am a bit confused how the tax system in the U.S works. I am 16 years almost 17, and i make about 20k a month (average is like 15k whatnot). So i understand that i have to fill out a w9 form for my cpa networks but that, i do not mind. The problem is it turns out that if you make like 5k or more, you must pay a certain percentage rate.

    Could someone explain how it works in english (not using those top-notch financial vocabulary)?

    I dont mind paying IRS, but my parents are not aware of my business yet ( i plan on making a surprise someday) so i can pay them fees via bank transfer or debit card.

    Please help!
    Ben
     
  2. tactics084

    tactics084 Newbie

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    You should be able to figure that out if you use turbotax and you will need to file a Schedule C as well.
     
  3. Furious George

    Furious George Supreme Member Premium Member

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    You need to talk to a tax professional. There is a lot to this, and no offense, but you're young. You need professional help.
     
  4. thebomb

    thebomb Jr. VIP Jr. VIP Premium Member

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    i will come under my parents when they will file for taxes. they will list my name and my income. I just wanted to use some tax software that could give me an estimate. Turbotax requires SSN and they are actually making the REAL thing when i went to file.
     
  5. rettaibi

    rettaibi Regular Member

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    Just send me the money and I will do do the tax for you.
     
  6. Zapdos

    Zapdos Power Member

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    Turbotax does not verify your information. You can be john doe and get all the way up to where they file it and stop. They ask that information so its automatically filled out if you file using them.
     
  7. evilclown

    evilclown Senior Member

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    Something seems out of place here. You are almost 17 years old and don't know how the system works? Where you been the last 5 years? Many of the schools from 5th grade talks about the Tax system and economy of the US. The other thing is you say you are making 20k (avg 15k) a month. You mean pennies? a 16 years old with 20k legit money would be driving a nice 2010 camaro to school. Mom and Dad would have find out all ready.

    If you are planning to use the money you have to tell your mom or dad, otherwise they might claim you and this can backfire on them. Hey you might have made 20k but you won't move a penny as no bank in the US is going to open an account with mom/dad signature or an emancipation letter.
     
  8. thebomb

    thebomb Jr. VIP Jr. VIP Premium Member

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    I know how the tax system works. im wondering how much i have to pay the IRS in taxes. My parents will find out and im not one of those people spending money on cars etc. Im investing into other things. I have my own debit card already and thats not for you too worry about.

    Thanks for the info though!
     
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