Teens and Taxes

Do Now

How old are most taypayers? Analyze the graph and answer the questions in the doc.

What do you really know about tax Day?

When watching this video, keep in mind that it was created in 2013. Tax figures vary from year to year.

In general, in the 2020 tax year, you had to file taxes if your earned income was more than $12,400.

How much do teens really know about taxes? What are some important tax facts teens should know? Watch this video to find out. Then, answer the following questions.

1. How does your tax knowledge compare to the majority of the teens’ tax knowledge in the video?

2. As you learned in the video, there is no specific age requirement to pay taxes. Why, then, do you think there is a lack of awareness and general knowledge about taxes among teens?

Reference: Do I Need to File a Return?

As a teen, filing a tax return can be a mostly straight-forward process. However, you may be wondering how that process changes if someone claims you as a dependent or if you are a self-employed worker or household employee. Read through this reference to learn more about what to do in these scenarios.