Taxes and PayPal Student account Well, wasn't quite sure where to put this, but this seems to be a good spot. In the last few months i have slowly started a online store, selling stuff for the hobby i'm involved in (RC Rock Crawling). Anyways i'm 16 and i have been using my PayPal Student account to receive payments. Now when i first started selling it wasn't much just alittle extra to pay for my hobby, but its been growing quite fast, to the point where i've probably already went past the paypal transaction limit when they report transactions to the irs. So i got to thinking more about what i need to set aside for taxes, which then led to who has to pay them?
I don't think paypal has any info about me, other than a bank account, is linked to my paypal. So without my ss # does paypal report the transactions through my parents account? Can i report the income through me? Or does it have to be through them?
Also my net income (money made - all bushiness expenses (inventory, shipping, supplies etc)) how much of it should i expect to set aside for taxes (total percentage of all the misc taxes)
Oh i live in colorado, if that helps.
Thanks for any help |