Taxxing for receiving money?

[ShaunR (old acccount)]

So I recently created a war paint for tf2 which I worked hard on. I was publishing it to the workshop when I saw that I had to fill out payment information. One other thing I had to fill out was taxing information, in a nutshell they will send me tax to pay every month, but they don't describe the amount. SO, how much would they be taxing me if it did get accepted?

[cSg|mc-Hotsauce]

It is only if it is accepted as an item that can be sold. Otherwise you pay no taxes on profits, right?

[Spawn of Totoro]

Escrito originalmente por WalterDaDog:

So I recently created a war paint for tf2 which I worked hard on. I was publishing it to the workshop when I saw that I had to fill out payment information. One other thing I had to fill out was taxing information, in a nutshell they will send me tax to pay every month, but they don't describe the amount. SO, how much would they be taxing me if it did get accepted?

My understanding is that they will report the income to the IRS. Valve does not send you a bill for taxes, you are responsible to pay your own federal and state taxes.

[Zekiran]

This only happens at a specific amount that you otherwise would be earning in real life, so if you aren't employed or already don't pay taxes the likely outcome is "nothing". They have to REPORT it, but they don't know what is going on anywhere after that.

[ShaunR (old acccount)]

Ah man... I ain’t even 18, ♥♥♥♥. I guess it won’t be made

[Spawn of Totoro]

Escrito originalmente por WalterDaDog:

Ah man... I ain’t even 18, ♥♥♥♥. I guess it won’t be made

Anyone who works or earns an income pays taxes, doesn't matter the age.

Even a baby pays taxes, if they earn money by being in a diaper commercial. 16 is the typical legal age to work and they have to pay and file taxes on what they earn, though in this case their job removes the taxes and sends that to the government as well as reports the income.

[Zekiran]

the amount will be whatever your local (state, federal, provincial, whatever else) area determines for "who must actually file taxes".

You're 16, it's time you asked your folks to show you how to DO taxes. But you won't likely have earned anywhere near enough money to file - I mean I worked for several years but didn't even earn enough to have to pay, because it wasn't enough to bother with according to the govt.

Don't stress it, man, but you should start thinking about learning what goes into tax filing, because... you're gonna have to adult at some point. Might as well be prepared. :)

[ShaunR (old acccount)]

hey, thanks! ima go ask away now