Son works for family business, is a full time student and turned 18 in June, does he pay taxes?

[JenMack]

My son works for a family business, only 2 employees - owner and son.  He is also a full-time student who lives at home.  He turned 18 at the end of June 2024.  Does he have to pay/file taxes for the 2024 tax year? 

[Vanessa A]

It depends on how much he earned.  If he earned more than the standard deduction of $14,600,  then yes, he will need to file a return as he would have taxable income.  Also, if he is paid as an independent contractor and makes more than $400 then he would need to file a return as he could have Self-Employment Tax liability. 

Being a student or working for a small business does not change whether or not he has to file. It is based on what he earns.