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When do you have to start paying taxes?

First: Florida does not have a state income tax.

Second. The employer should withhold fderal taxes based on a W4 form that you fill out at the start of employment.

Third. You sill have some taxes for Medicare & SS taken out as a fixed precentage regardless of your income.

Fourth. The Federal income tax wil not kick in unless you are expected to earn more than the minimum level (~7K)
 
Originally posted by: DrEvilEvil
Completely ignorant here... whats a W2?
Click to expand...

The W2 is a form that you receive in January from an employer. It shows the total income for the previous calendar year and the amount of withholding broken down. This contians the numbers that are then used for income tax filing.


This information is something that should be explained/taught in HS 9basic Economics)
 
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