You have to pay taxes on any money you earn (you take home) through a business. I believe Google. sends your a W2 or something like that.
Yes you do need to pay taxes. I am not an attorney, but I believe that if the money is very small, like $50 a year you can do away with paying taxes. If it is above $600 you MUST include it in your taxes. Between $50 to $600 is a grey area but, for safety include it in your income.
What do you mean? You either find a job in the real world and have the taxes conveniently taken out of your paycheck, or you get an Internet job and hope to make enough to support yourself. If the case you prefer is the latter, you better keep careful track of your finances. The government will not show remorse to you just because you aren't 18. I started a business in my youth and got hit with a $5,000 tax bill at the end of the year. (You have to factor in about 15% tax, keep this in a safe place, do NOT spend it for anything!) And you will definitely need an accountant if you make over $600 each year. And that is including all of your income, not just Adsense or other means of income. Best of luck, and do know that making money online takes a lot of patience. I would recommend getting a real job in the mean time.
Perhaps she is right? You can't accomplish anything without something that sets you apart from the general population. I'd suggest you learn a programming language, become bilingual, or learn more about writing creatively as a start. All three are invaluable skills you will no doubt use throughout your entire life. Also, do look into getting your own hosting account and running a website. The knowledge you learn from creating and designing a website will be the foundation for anything you attempt to pursue in Internet income.
Unless you make a lot of money with adsense it don't amount to a whole lot of tax. If I remember you do need to make around $600 for the year. If you do make a lot then it could potentially add up to a decent chunk of change.
Well, actually speaking of the website I did own an arcade through hostgator for about 6 months, I had to sell it because of school, but now I have a free blogger blog and I'm just looking to make a little extra cash for when I go away to college =D
Depent your earned amount,after deduction if there is $ 0 taxable income, so may be you don't need to pay Income Tax, but Online Earned is self employment, you must pay Self-Employment Tax, which is a social security and Medicare tax primarily for individuals who work for themselves. if your self-employment earned income over $5,450, you should file Federal Income Tax Return to get a refund of any Federal Income Tax withheld or Tax Credit depend on your filing status.
I took a look at your blog- had just a couple of tips. The first issue is that you picked a very general niche- sports. And even though you picked a certain team, trust me the niche will be nothing short of highly competitive (you have to consider the fact that you are competing with real news agencies, established sports commentators, etc) But you do have a shot at making a popular blog, as I have a friend who did the same thing: Have all of your friends subscribe to the blog. Ask them to contribute posts, comment regularly, and be community members. This will show others your community has actual discussion; not just a one-way discussion of someone that no one may know or care about. I had a friend who did this. It spread into the entire community because his friends got into the habit of checking his website regularly and participating in discussions. The blog is now very popular for the surrounding area, although monetizing it is troublesome. Truthfully, there are easier niches to make money in, and certainly easier ways to make money. You have to ask yourself what would influence you to ever read someone else's blog, when you don't know their name or even care to learn it.
I hear ya Zac, I just can't bring myself to write about something I have no interest in, and the whole friends thing is awesome, I created the blog late yesterday and have spen most of my day telling my friends about ti, I'm hoping to do something similar to your friend.
Yep, anything above $600 is taxable. You'll get a 1099-Misc and have to report it as self employment income on your tax return. I make an estimated tax payment every month as soon as I get the check. I'd rather pay taxes this way than quarterly or make the big mistake of waiting until I file.
But how about those outside from USA? For instance, if he is from India or China, what should he do about to pay the tax?
I was working on my internet business part time during both high school and university - paying taxes and whole 9 yards. I don't understand what's so difficult about getting good grades and making a solid income at the same time.
High school really isn't that difficult... ...and many students have part time jobs - I just happened to be making $40 per hour on the internet instead of $7 per hour working at a grocery store...