Tax for Teens. Vocab/Definitions WS. Did You Know?. Average annual income for teens: $3,095.00 40% of teens currently save regularly Nearly 1/3 all students work 40+ hours per week in summer ¼ work 35+ hours per week during the school year Average teen saves $1000 of summer wages.
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FYI: Amish pay tax on real estate and personal property and income tax on any earnings. They do not pay school tax, social security or Medicare tax.
If you live with parents and under 19, you can be claimed as a dependent regardless of how much you make.
In-Class Am I Exempt WS
Am I Exempt WS
See pg 347-48 acct textI don’t qualify for Exempt status – now what?
Fill out W4 with workbook
*Your income for the year
*If parents can claim you, you must file if:
1.Your unearned income was over $1000
2.Your earned income was over $6100
Do I have to file return WS
In-Class Do I Have to File Return WS
If you don’t choose to pay, IRS will add 5% to what you owe for each month you don’t pay!
1040 EZ Prob WS
Chap 7 review
1040 EZ quiz
Certain economic benefits don’t have to count as income = exclusions from income
Do pg 42 WB
Standard Deduction: Base amount of income that is not taxed Income: $6100 (sglindiv person)
Chap 8 Review