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This depends on your filing status and dependents. It also changes each year as the standard deduction and exemption allowance is adjusted up a little every year. A single person under 65 would get the standard deduction of $6,300 plus $4000 exemption for 2015 tax year. This results in $10,300 for 2015 before you would pay a nickel of income taxes.
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Can you claim your son on your taxes if you didn't work this year?
Yes... for the earned income credit and such. It makes no difference for your income taxes really, as your not paying any.
If you live in Florida but work in Illinois can you avoid paying Illinois state income taxes?
No because Illinois will want some state income taxes paid on the income that was earned in Illinois.
Does an individual pay FICA taxes on Social Security income?
No. You only pay FICA taxes on earned income (wages, salary); paying on Social Security benefits would amount to paying the same tax twice.
Black money is a euphemism for?
Income earned illegally, usually in cash and not reported to the government so as to avoid paying taxes
Define earned income taxes and personal income taxes?
An individual taxpayer using the 1040 federal income tax return earned income worked for income and the related income taxes and the personal income taxes would be the same thing on the 1040 income tax return.
If you earned income for the whole year while in a penal institution do you still file income taxes?
Sure. The fact that you were incarcerated does not exempt you from filing income taxes and paying tax on your income. It does prevent you from claiming many of the tax credits such as Earned Income Credit, Child Tax Credit as you cannot claim that you supported your children or that they lived with you during this time.
I earned $945.00 working for my landlord and I need to know if I can file income taxes on this?
Yes you can file income taxes on $945.00 that you earned.
How do I reduce my taxable income?
There is really no way around paying taxes on income that you earned. The only way is if you do not make enough, but this is a very low number, normally under $500.
When are income taxes applied to the interest earned by business-owned annuities?
When are income taxes applied to the interest earned by business owned annuities
When are income taxes applied to the interest earned by business owned annuities?
When are income taxes applied to the interest earned by business owned annuities
What does income tax withheld mean?
Same thing as paying estimated taxes. Paying your income tax as you earn the income.
At what age do you stop paying income tax?
There is no age limit on paying income taxes. It is based on your income. http://taxresolutionaries.blogspot.com
