At what income level do you not have to pay income tax?
Answer:
Call the IRS automated system at 1-800-829-4477 and listen to tax tip #351 reagarding who must file
There are also many reasons why you might want to file a return even if you are not required. See http://www.irs.gov/individuals/article/0.
If you're asking at what income level there iwould be a tax liability, that's an impossible question to answer without knowing more detail.
anything under 500$ a year.
When you're on welfare? I don't think there is one. We have a greedy government.
It's like $15,000
$2500
i think its 4850
--they gotcha!--you have to at any leval and your April 15th filling determines if you get any back. The was at one time a rule that said if you didn't have enough income for three(3) years to pay taxes you could stop filing but I don't know if thats still around.
Well you will not owe any taxes if
1) Your AGI is not positive(0 or under)
or
2) Your deductions get's your taxable income down to or below 0.
Standard deductions for 2005 were 6250 for single + 3200 for a personal exemption = 9450 before you have to pay taxes.
If your income is under approximately $10,000 then you may not have to file taxes unless you want to get back income taxes taken out of your paycheck. You also may want to see if you qualify for the earned income credit if you are single and between the ages of 25 and 65 or have children. Then you might want to file to get back some extra money..
I don't know that I've ever seen so many inaccurate answers to a question here.
But yes, there is a level at which you don't owe tax. Amount depends on your filing status, number of exemptions, and whether or not you or your spouse is 65 or over.
One look at all the answers and you know that people just don't understand tax law at all.
First of all, let's assume you are referring to federal income taxes, not state income tax. Most of the 50 states have their own separate tax structures (except the few that don't tax income). And let's assume you are not referring to self-employment income.
What most people are sort of referring to in previous answers is the threshold to even have to file a return. If you make less than the filing requirement, you are not obligated to file a Federal tax return. The filing requirement is dependent on your filing status (Single, Married Filing Joint, etc.) and whether you can be claimed as a dependent by anyone else, and whether you are blind or over 65. It varies from $0 (Married Filing Separate when your spouse itemizes) to $18,400 (for 2005) if you are married filing jointly and are both 65 or older.
But, what you are really asking about is OWING income tax. Even if you have to file a federal tax return, you may not owe any tax. You owe tax when your taxable income is more than $0. Your taxable income is all of your income minus all of your adjustments, deductions, and exemptions. Then, you subtract your non-refundable credits. If you get to $0, you owe no tax.
In addition, you may have refundable credits which possibly entitle you to a refund even if you had nothing withheld, and you may be subject to Alternative Minimum tax if you make more than so much and have lots of deductions and exemptions.both of which are beyond the scope of this answer.
Hope this helps :)
It's hard to say what your talking about do you mean your wage at work? Taxes involve your filing status and your exemptions,deductions,credits what you paid in and what your tax liability is. It is possible to have no tax liability and get a refund back even if you paid no taxes during the year. Your form W-4 at work starts the process for your wage withholding. Are you single?Married? it goes on and on
Go with the answer from sdrum49. If you are self employed, be sure to check that out at the IRS site for a whole new set of rules.
Most of the answers given so far are not good answers. There are many different possibilities, depending on your circumstances. If you have a low income, you may even be eligible for money from the IRS that you didn't pay in. Free tax help is sometimes available from a VITA or TCE site, but this is not tax season and they may not be open now.
depend on your filing status and how much exemption
There are in general 9 elements in a federal income tax return.
1.Filing Status
2.AGI
3.Minus Deduction
4.Minus Exemption
5.Equal to Taxable Income
6.TAX is base on taxable income
7.Minus Credit
8.Minus Payment
9.Equal Tax due/ Refund
2005
1) filing status: single..married joint..head of houshold
2) deduction $5000.00.$10,000.00..$7,.
3) exemption $3,200.00..$6,400.00...$3,. +?dependent
4) no tax below $8,200.00.16,400.00..$7,5o.
This is only for a round about amount for federal income tax, your state may have income tax too. 41 state out of 50 has some kind of income tax and most may be base on you federal information.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
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