Do I have to pay taxes on my child's income?
You have your son or daughter, they're working and they're earning wages for a part-time job, that income is taxable to them. They may have to file a tax return, depending on how much money they make. The number varies every year because it's indexed. If they had money taken out of their paycheck for Federal or State income taxes, they may very well just need to file a tax return in order to get a refund. However, if your child earned some interest or dividend income, that may be taxable to you as the parent, depending on the child's age. The United States Tax Code now says if you have a child under the age of eighteen who earned dividend and interest income, that has to be reported on the parents tax return and some tax is paid by the parent. There's some variations to that, there's some amounts that the first three hundred, four hundred, I'm not quite sure what the total dollar amount is and that also varies from year to year, it keeps going up with inflation, but be aware that if you have a child earning dividends or interest, they're under eighteen years of age, that information has to be reported on your parents tax return.
