Answers.com > Wiki Answers > Categories > Business & Finance > Personal Finance > Taxes and Tax Preparation > Do you have to pay income tax on taxable income if that was your only income?

Do you have to pay income tax on taxable income if that was your only income?

In: Taxes and Tax Preparation, Income Taxes [Edit categories]

Answer:

Sure you do if you owe any amount after your income tax return is completely correctly.

First answer by Mebrg. Last edit by Mebrg. Contributor trust: 32 Question popularity: 1 [recommend question].

[report abuse]

Can you answer these Taxes and Tax Preparation questions?

	What is the formula for calculating average tax rate?	Answer it!
	When people with smaller incomes pay large percentage of their income in taxes than do people with higher incomes the tax is?	Answer it!
	Does income taxes pays construction of highways in California?	Answer it!
	What is the name for the taxes that all homeowners must pay?	Answer it!
	How many senators and congressmen owe back property taxes?	Answer it!

If you are 89 - and your income is only 21000 - do you have to pay income tax?
Probably, but maybe not. Most income is taxable, both before and after retirement. There are a few exceptions, and social security income goes by a special formula to figure how much of it is...
At what gross income do you pay income tax on?
You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in order to do the calculation for the numbers that...
Do you have to pay income tax on IRA income?
On a standar IRA, Yes (you didn't pay tax on the $ contributed or as it grew). On a Roth IRA, (where you paid the tax on the income before contribution), No.
Is kinship income taxable income?
No it is not taxable
What income do you not file income taxes?
NONE. No INCOME. -0- ZERO INCOME. For sure you would NOT be required to file a 1040 federal income tax return.