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What happens if your taxable income falls in the lowest tax bracket?
Wiki User
∙ 13y ago
you are not eligible for the earn income credit
Wiki User
∙ 13y ago
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What happens when your taxable income falls in the lowest tax bracket?
It means that you will owe no income tax.
Do you pay taxes if you are in the lowest tax bracket?
Yes when you would have taxable income in the lowest tax bracket yes you would have a federal income liability when your income tax return has been completed correctly to the line on your 1040 federal income tax return that says taxable income Line ? ? ? Then the next line says amount of income tax form 1040 line 44 $1 dollar and could be more than $1. And the amount of your income liability would start at 1 dollar and increase from that point depending on the how much taxable income you have on the taxable income line of your 1040 income tax return.
What is the inventory valuation method that results in the lowest taxable income in a period of inflation?
LIFO method
Which of the following is true if your taxable income falls in the lowest tax bracket?
The tax rate schedule for the marginal tax rate on taxable income starts at -0- %, 10 %, 15 %. 25 %, 28 %, 33 % and goes to the 35% maximum rate for the year 2010. Your filing status will be needed for you to determine your marginal tax rates on your taxable income for the year. Go to the IRS gov web site and use the search box for 2010 1040ES go to page 8 to find the amounts for your filing status.
What state has the lowest income on money?
Mississippi has the lowest income of any state.
How Much Does An Army Man Make A Year?
The base pay (taxable income) for an E-1 (lowest enlisted rank) is 1203.90 for the first four months of enlistment, then 1301.40 per month. Pay goes up with rank and time in service. Jacob The base pay (taxable income) for an E-1 (lowest enlisted rank) is 1203.90 for the first four months of enlistment, then 1301.40 per month. Pay goes up with rank and time in service. Jacob
Do people have to pay taxes while in prison?
People are still required to pay taxes while they are in prison. However, since a prisoner's income level is very low, they will most likely be in the lowest tax bracket.
Which region has the lowest median income?
South
Students from the lowest income backgrounds are eligible for the .?
FSEOG
What are students from the lowest income backgrounds eligible for?
FSEOG
How much would you make a year in the army?
The base pay (taxable income) for an E-1 (lowest enlisted rank) is 1203.90 for the first four months of enlistment, then 1301.40 per month. Pay goes up with rank and time in service. This does not include housing, uniform, and meal allowances (non-taxable income). These typically vary depending on your location, job, and housing status. A good website to check for the ins and outs of military service is usmilitary[dot]about[dot]com.
What is the lowest tax bracket income tax rate percentages for 2009?
Zero -0- Then 10% would be the next one for the 2009 tax year. Go the IRS.gov website and use the search box for 2009 1040ES go to page 6 for the TAX RATE SCHEDULES for each different filing STATUS and the amounts for each MARGINAL TAX RATE bracket.
