Don't forget, if you get more than $400 per year afterward you have to claim the income you make with your business on your income taxes. You need to pay income tax as well as the self-employment tax, which insures Social Security and Medicare payments.
Yes, this is a hassle - but it is the law, and you can face severe punishments if you avoid doing this. The IRS has a complete FAQ page for entrepreneurs, which contains the best way to estimate how much tax you will owe in the end of every quarter. Also see this guide for filing taxes for kids and dependents.
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