If your teen worked as a 1099 independent contractor or a W-2 employee and earned more than the standard deduction of $12,550 for 2021, they will need to file federal income tax returns. Depending on.
Teens often send money to friends using popular person-to-person payment platforms like Venmo and PayPal. But new tax laws for 2022 could make these transactions trickier from a tax perspective. We.
If your teenager is earning an income and filing taxes as a W-2 employee or a 1099 independent contractor (self-employed), you might wonder how claiming them as a dependent will affect their tax.
With the rise in minimum wages and the abundance of entry-level jobs available, many teens started working in 2021. The Department of Labor Bureau of Statistics said that 54.4% of young people ages 16.