I am Fifteen with a Part-Time Job - Taxes...?
So I am Fifteen years old, almost 16 (Saving for a car). I decided to get a part-time job at a grocery store. I have worked there for a little over a month, I am paid weekly. I am looking at the paystub that is attached to my check. I loose an average of 14% each paycheck for taxes. The TAXES AND DEDUCTIONS listed are:
STATE PA: $1.99
PA UNEMPLOYMENT: $0.05
MANHEIM LA: $0.65
OPT/LST TAX: $1.00
This is out a paycheck that I earned $64.80 before taxes. I make $7.60 an hour. What are all of these different taxes? I thought minors didn't pay taxes? What are taxes exactly and what do I do during "Tax Season"? What is "Tax Season"?
I Know it's a lot, but I am new to the workforce and I'm am confused. Thanks for your time.
- StephenWeinsteinLv 710 years agoFavorite Answer
You thought wrong. Minors do pay taxes. They pay all taxes that adults pay, except for the taxes that adults only pay when buying alcoholic beverages or things to smoke (cigarettes, etc.), which minors do not pay because minors are not allowed to buy those things.
FICA-OASDI: $2.72 is federal insurance contributions act-old age, survivors, disability insurance, which is usually called social security
FEDERAL: $2.44 in federal (U.S. national government) income tax
FICA-HI: $0.94 is federal insurance contributions act-health insurance, which is usually called medicare
STATE PA: $1.99 is the main Pennsylvania state income tax for the state government's general fund
PA UNEMPLOYMENT: $0.05 is another Pennsylvania state tax, specifically to pay for unemployment benefits
MANHEIM LA: $0.65 is the local (city or county or town) tax
I am not sure what OPT/LST tax is.
Taxes are money that you must pay the government.
"Tax Season" is the time from mid-January to mid-April when most tax returns are filed. You fill out some paperwork (usually on a computer) to calculate how much your tax really should be (according to the government's formula) and compare it to the amount that was taken out of your checks. If it was too much, you get a refund of the excess. If it was too little, you have to pay whatever you still owe.
- JudyLv 710 years ago
What made you think minors don't pay taxes? Depends on what you make, not how old you are.
The FICA lines are social security and medicare. Federal is federal income tax. State PA is state income tax. PA Unemployment is for unemployment coverage - you employer pays a larger amount. Manheim LA is local tax. LST is local services tax.
You'll get the federal amount refunded at the end of the year if you make under $5800 total. You won't get the others back.
- acmeravenLv 710 years ago
The real world sucks kiddo; go to IRS.GOV and order a free Pub 17 or download one and read it from cover to cover. It will tell you everything you probably really don't want to know about taxes. I have three college degrees and have done tax work for forty years now and find the Pub 17 an excellent reference book. Good luck with the car; my first one was a 1955 Chevrolet two door sedan that I bought for fifteen hundred bucks used in 1958.
- troLv 710 years ago
those are all legitimate deductions to the workforce!
since you had federal and state income taxes withheld you will need to file a 1040EZ next year to get them refunded
you could have claimed exempt on your W-4 when you were hired and no income taxes would have been withheld,
you are exempt $5800 of income for income tax purposes and it is doubtful you would have earned that much
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- 10 years ago
There is no age limit in FICA taxes.