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you will receive, if you havent already, a 1099 misc for that amount under other income….if you had no other income you will be in the 10% tax bracket and will owe 10% on $700 if you are single with no dependents. That’s about $70 to the IRS. However you will probably have to file a state too and depending on the state filing requirements you will either owe a little or may not have to file at all on it. Every state is different as far as tax rules are concerned.

If you are a minor and claimed as a dependent, it will be taxed at your parent’s tax rate.

If you are a college student, even if you are not claimed as a dependent, it can be taxed at your parent’s tax rate.