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This would vary depending on a number of factors, including how the money was earned. If you earned it through a job where you filled out a W-4, the numbers for the 2012 tax year would be as follows: $6,024 if you filed singly or married filing separately, $5,126 if you filed married filing jointly, or $5,376 if you filed as head of a household. The amount of tax due each year varies and can be found in the tax table in the instructions for Form 1040 as long as you earned it via the method described above. You may not end up having to pay the full amount depending on various deductions you may be eligible for. If you have questions when filing your taxes, it is advisable to call the IRS for assistance or see a tax specialist.
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How much TAX does the Tower of London pay each year?
The tower of London doesn't pay any tax because its a Crown property and Her Majesties Revenues and Customs do not tax themselves.
Do you have to pay income on money you inherited from your great aunt?
You don't have to pay income tax on money. You may have to pay income tax if you receive property that has increased in value since your aunt died. You would pay tax on the profit when you sell it. You may have to pay income tax when you take withdrawals from a tax-deferred account you inherited from your aunt (such as a traditional IRA or 401k). You may have to pay income tax on the interest from US Savings Bonds you inherited. Some states impose an inheritance tax (which is different from an income tax). You may have to pay an inheritance tax. If the estate failed to pay any tax that might be due before distributing property to you, the IRS may come looking to you to recover some of the property.
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