1.05BM Teens and Taxes

A 23 year-old college student whose parents pay all of their expenses

A 17 year-old high school student with a part-time job whose parents pay for all of their expenses

A 20 year-old college student with a paid internship who pays for all of their own expenses

A 25 year-old cousin with no job who has lived in your parent/guardian’s house for the last year

You made $25,000 working a full-time job

You made $3,000 from investments in the stock market

You were self-employed and made $2,500

You made $9,000 working a part-time job

To tax self-employed individuals a greater amount than regular employees since they’re more likely to make health insurance claims

To tax self-employed individuals a lesser amount than regular employees since they generally make less money

To tax self-employed individuals an equivalent amount for Social Security and Medicare since FICA taxes aren’t taken out of their paycheck

To tax self-employed individuals a flat amount since they don’t pay federal or state income taxes

No

Yes

Yes

No

Yes

No

Yes

No

Yes

No

Yes

No

Yes

No