Taxable income and what you may make as income are 2 different things. Generally, your taxable income is lower than your gross (or the amount you probably think you make). The limits and thresholds that you want to know depend upon many other factors...your marital status, your age, number of children or dependents, certain other expenses, etc...so there is no hard and fast answer.
More importantly, how much you need to make before you must pay is different than how much you need to make before you have to file. frequently, if you don't make enough to have to pay taxes, you make enough to have to file, and by doing so YOU GET MONEY BACK. Whether it be money withheld from your pay, or as things that the government gives you....like earned income credits, child credit, etc.
Follow the link provided or go to:
http://www.irs.gov/publications/p501/ar02.html#d0e490
Simple Common Sense:
It really makes no difference since the only time you actually do WANT to file is when the IRS says you don't have to!
They don't do that because it's good for you. They do it because it is more likely to be good for them. Certainly if you don't have to file, NOTHING BAD, in fact only good things, can happen by doing so.
Federal Taxes are the same throughout the country. State tax laws are specific to each area.
Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, amount & type ofincome. There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or working from home or a student. It is all addressed as a matter of"how much TAXABLE income."
(Note: working isn't relevant either, as many people who don't work or are retired, or disabled, or old, or young, or in school, have income from many sources: savings, investments, etc. TAXABLE income is different than what you may otherwise think of as income. In most circumstances, you have to do many of the calculations needed to file a return, just to determine what taxable income may be).
Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does.
You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%.
If you weren't self-employed (paid on a 1099 or ran your own business) then you would always want to file a return to claim the amount withheld and shown on your W-2, which with lower incomes will always be refunded to you.
If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents. All available at www.IRS.gov
You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as:
Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851 at the IRS website.
Even if you are not required to file a tax return, file a return BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING THAT ARE KEYED TO FILING A RETURN. (Like stimulus checks).
Also, the Statute of Limitations for when the IRS can no longer ask you questions about your affairs for a year only STARTS to run when a return is filed. Not filing, and they can bug you, (and assess a tax) for forever!
You can file for free at the www.irs.gov site too! See http://www.irs.gov/pub/irs-pdf/i1040ez.pdf
Simple Common Sense:
The only time you actually do WANT to file is when the IRS says you don't have to!
They don't do that because it's good for you. They do it because it is more likely to be good for them. Certainly if you don't have to file, NOTHING BAD, in fact only good things, can happen by doing so.
Federal Taxes are the same throughout the country. State tax laws are specific to each area.
Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, amount & type ofincome. There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or working from home or a student. It is all addressed as a matter of"how much TAXABLE income."
(Note: working isn't relevant either, as many people who don't work or are retired, or disabled, or old, or young, or in school, have income from many sources: savings, investments, etc. TAXABLE income is different than what you may otherwise think of as income. In most circumstances, you have to do many of the calculations needed to file a return, just to determine what taxable income may be).
Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does.
You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%.
If you weren't self-employed (paid on a 1099 or ran your own business) then you would always want to file a return to claim the amount withheld and shown on your W-2, which with lower incomes will always be refunded to you.
If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents. All available at www.IRS.gov
You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as:
Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851 at the IRS website.
Even if you are not required to file a tax return, file a return BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING THAT ARE KEYED TO FILING A RETURN. (Like stimulus checks).
Also, the Statute of Limitations for when the IRS can no longer ask you questions about your affairs for a year only STARTS to run when a return is filed. Not filing, and they can bug you, (and assess a tax) for forever!
Whether you have to file a tax return depends, in part, on your filing status, age, and gross income. You must file a tax return if you had net earnings from self-employment of $400 or more.This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%. If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents. You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as: * social security tax and Medicare tax on tips or group life insurance, * alternative minimum tax, * tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account, * tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit. Special filing requirements may apply to U.S. citizens who are residents of Puerto Rico or who have income from U.S. possessions. Refer to Publication 570 for additional information. Residents of Puerto Rico should select Topic 901. Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851. Even if you are not required to file a tax return,file a return if you are due a refund, because tax was withheld from any earnings..... AND BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING. Even if you do not have to file, you should file to get money back if Federal Income Tax was withheld from your pay, which if you were an employee most certainly happened or you qualify for any of the following: � Earned Income Tax Credit. The Earned Income Tax Credit is a federal income tax credit for eligible low-income workers. The credit reduces the amount of tax an individual owes, and may be returned in the form of a refund. � Additional Child Tax Credit. This credit may be available to you if you have three or more qualifying children or if you have one or two qualifying children and earned income that exceeds $11,300. The Additional Child Tax Credit may give you a refund even if you do not owe any tax. � Health Coverage Tax Credit. Limited to certain individuals who are receiving certain Trade Adjustment Assistance, Alternative Trade Adjustment Assistance, or pension benefit payments from the Pension Benefit Guaranty Corporation.
This is a general question about taxes but I assume you mean Income Taxes.
Unfortunately everyone pays one form of tax or another almost on a daily basis, no matter how much they make annually.
(i.e. sales tax, cigarette tax, gasoline tax, and so on..)
Your question should be.. Are you required to even pay an Income Tax according to the LAW?
You may find out that you are not required to pay income tax on any money you make annually. Some experts say that most people are not even required to file, let alone have to pay income taxes on their personal labor. You have to make your own decision. Do your research on the income tax law, research the IRS tax codes, and take a look at Aaron Russo's film called "America Freedom to Fascism" for some more helpful information. You can watch it on Google video. Then ask yourself, how much you can make annually and not pay taxes?
That depends on your age and filing status. For 2010 the gross income
requirements are:
Single under age 65: $9,350,
Single over age 65: $10,750
Married Filing Joint (MFJ), both under age 65: $18,700
MFJ, one over age 65: $19,800
MFJ, both over age 65: $20,900
Head of Household under age 65: $12,050
HOH over age 65: $13,450
Qualified Widow/widower under age 65: $15,050
QW over age 65: $16,150
If your gross income is greater than the amount listed above you must file a tax return.
If you are self-employed and have at least $400 in business profit you must file a return.
There are separate requirements for those claimed as another person's dependent.
Simple Common Sense:
The only time you actually do WANT to file is when the IRS says you don't have to!
They don't do that because it's good for you. They do it because it is more likely to be good for them. Certainly if you don't have to file, NOTHING BAD, in fact only good things, can happen by doing so.
Federal Taxes are the same throughout the country. State tax laws are specific to each area.
Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, amount & type ofincome. There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or working from home or a student. It is all addressed as a matter of"how much TAXABLE income."
(Note: working isn't relevant either, as many people who don't work or are retired, or disabled, or old, or young, or in school, have income from many sources: savings, investments, etc. TAXABLE income is different than what you may otherwise think of as income. In most circumstances, you have to do many of the calculations needed to file a return, just to determine what taxable income may be).
Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does.
You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%.
If you weren't self-employed (paid on a 1099 or ran your own business) then you would always want to file a return to claim the amount withheld and shown on your W-2, which with lower incomes will always be refunded to you.
If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents. All available at www.IRS.gov
You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as:
Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851 at the IRS website.
Even if you are not required to file a tax return, file a return BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING THAT ARE KEYED TO FILING A RETURN. (Like stimulus checks).
Also, the Statute of Limitations for when the IRS can no longer ask you questions about your affairs for a year only STARTS to run when a return is filed. Not filing, and they can bug you, (and assess a tax) for forever!
There are several income requirements that a person must meet in order to file taxes. The minimum amount a single person must make is $10,000.
Yes, Aztecs paid taxes. Those who wanted to be sacrificed had to pay tributes annually.
200000
How much federal taxes do you have to pay on $600?
you don't pay taxes on the balance, you are however responsible to pay taxes on any interest earned over $10 annually. Unless the savings account has been registered as an IRA
because then they can decide how much to make people pay when they have taxes due
if i make 60,000.00 per year in Florida how much will i owe in taxes?
How much you make has little to do with how much you get back. The simple arithmetic is that, if the sum of your tax payments (withholding, etc.) and credits exceeds your tax liability, you will get a refund. Therefore, at any wage level, if you have more taxes held out from your pay than you will need to cover your tax liability, you will get some of your money back when you file an income tax return.
how much tax in Ontario would u pay for married on 60,000.00
Typically this is a commission position that does not pay hourly. They are often able to make $50k or better annually.
After getting your pay stub and calculating what you had taken out on taxes your remaining total is your net pay. Divide that amount by the amount of hours you work and that will be how much you make in net pay hourly.
how much money can you earn per year, without having to pay taxes, i was told it was approximately $8,000, is that correct?
I am head of my house hold with a 17 month child how much will I get back for my taxes