microbusinessforteens.com Join Presenters Carol Topp, author of the Micro Business for Teens series, and Rachel Coker, teenage author and micro business owner, as they explain the 3 different types of taxes that you may have to pay in your micro business. The first tax explained in the video is federal income tax. The threshold in 2014 for federal income tax is: $6,200 in EARNED income. Carol also explains in the video that parents are still able to claim their child as a dependent, even if they make their own income. She also explains that it's important for teenagers to file their own tax return separate from their parents. The second tax explained in the video is self-employment tax. This tax is 15.3 % of profit over 400 dollars. She explains how this margin has been unadjusted since 1954. Finally, Carol explains that you may owe sales tax if you sell a product to the end user. For more information about how to start your own micro business and how you can write out your very own business plan, check out Carol Topp's series of books, Micro Business For Teens, available at: MicroBusinessForTeens.com. If this video has helped you, share it with a friend using this link: youtu.be/KzC4_1fC2ww. Be sure to follow Carol Topp on Twitter: twitter.com/CarolTopp "Like Us" on Facebook: www.facebook.com/MicroBusinessForTeens Read more about how to start a micro business for success at: microbusinessforteens.com Find more micro business ideas on our Micro Business Pinterest Board: www.pinterest.com/caroltopp/micro-business-ideas/

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