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The Watercooler
another tax question.
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<blockquote data-quote="DammitJanet" data-source="post: 572313" data-attributes="member: 1514"><p><span style="color: #000000"><span style="font-family: 'Arial'"></span></span></p><ul> <li data-xf-list-type="ul"><span style="color: #000000"><span style="font-family: 'Arial'"><ul> <li data-xf-list-type="ul"><span style="font-family: inherit"><span style="font-family: inherit"><span style="font-family: 'Georgia'">[h=2]Income[/h]<br /> <ul> <li data-xf-list-type="ul"><span style="font-family: inherit"><span style="font-family: inherit"><span style="font-family: 'Georgia'">Social Security Survivor benefits to children are considered income,but this income is only taxable under certain conditions. In most cases, children receiving these benefits do not have to pay any income taxes, particularly if the survivor benefit is their only source of income. To determine if your child must pay taxes, you will need to calculate the child's unearned income, earned income and gross income. Unearned income includes income from investments such as interest and capital gains, and earned income includes salaries and wages. Gross income equals the unearned plus earned incomes. Your child's income is taxable if the unearned income is greater than $950, or the earned income is greater than $5,700. The child's income is also taxable if earned income plus $300 is less than the gross income, or if the gross income is more than $950.</span><br /> </span><br /> </span></span></span></li> </ul></span></span><br /> </span></li> </ul></li> </ul><p></p><p><span style="color: #000000"><span style="font-family: 'Arial'"></span></span></p></blockquote><p></p>
[QUOTE="DammitJanet, post: 572313, member: 1514"] [COLOR=#000000][FONT=Arial] [LIST] [*] [LIST] [*][FONT=inherit][FONT=inherit][FONT=Georgia][h=2]Income[/h] [LIST] [*][FONT=inherit][FONT=inherit][FONT=Georgia]Social Security Survivor benefits to children are considered income,but this income is only taxable under certain conditions. In most cases, children receiving these benefits do not have to pay any income taxes, particularly if the survivor benefit is their only source of income. To determine if your child must pay taxes, you will need to calculate the child's unearned income, earned income and gross income. Unearned income includes income from investments such as interest and capital gains, and earned income includes salaries and wages. Gross income equals the unearned plus earned incomes. Your child's income is taxable if the unearned income is greater than $950, or the earned income is greater than $5,700. The child's income is also taxable if earned income plus $300 is less than the gross income, or if the gross income is more than $950.[/FONT] [/FONT] [/FONT] [/LIST] [/FONT][/FONT] [/FONT] [/LIST] [/LIST] [/FONT][/COLOR] [/QUOTE]
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The Watercooler
another tax question.
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