Do I have to pay taxes if I only earned $500 for the year?

No - you do not need to file a federal tax return. However, if your employer withheld any taxes from your pay, you may want to file a return so as to get a refund of the amount withheld.

If you are single and claimed as a dependent by someone else (such as your parents), then you would have to file if any of the following apply:

- You had earned income in excess of $5350, or
- You had unearned income in excess of $850, or
- Your gross income was more than the larger of (a) $850 or (b) your earned income (up to $5050) plus $300.

It doesn't seem that you meet these requirements. This applies to federal income tax filing requirements - you may still need to file a tax return with your state.

Hello e:

In addition to the above, by filing a return, you will probably receive a check from the government for $300 - because George Bush loves you.

excon