Lynn Boak, Attorney at Law P.C. | Ethelyn (Lynn) Boak
If you earn $600 or more in a year from babysitting, it needs to be reported on a tax return. As an 18 year old, you are considered an adult and would be responsible for your own return. However, you are entitled to a personal exemption and the standard deduction, so you will most likely not owe any taxes even though you must file a return.
Answer Applies to: Wyoming
Law Offices of Charles R. Perry | Charles R. Perry
The money you earn from babysitting is taxable income. The question is whether you have earned enough money to be liable for income taxes. If you earn less than $9500 in 2012 from all sources of taxable income, then you do not owe any federal income tax. The minimum income before income is taxed is even higher for purposes of California income taxes. If income taxes are being withheld from your paycheck, however, then you may wish to file federal and state returns in order to claim a refund. You should note that the discussion above applies only to income taxes. Your earnings are subject to Social Security, Medicare, and unemployment insurance taxes, starting with the first dollar that you earn. I hope this helps.
Answer Applies to: California
William Bidwell, Attorney at Law | Bill Bidwell
Anything from which one derives value is taxable as income. Therefore, your $3600 is taxable (5x6x$10 x (12 weeks)). However, everyone is allowed a "standard deduction.." One's gross income minus the standard deduction is taxable income. The babysitter income (i.e. self employment income) is subject to self employment tax.. You will most likely have to pay only the self employment income.
Answer Applies to: Michigan