Probably, unless he has a lot of deductions or exemptions.
In any case, he must file a federal return and probably a state return.
The amount shown on the 1099C is considered taxable income under IRS regulations and should be reported as such when filing ones tax return.
Income is not the same thing as retained earnings. A company may have a profit in revenue but show a net-loss in retained earnings. Gross Income (revenue) is what a company makes, Net Income (revenue) is the balance after all expense are paid, and Retained Earnings is the actual "profit or loss" a company retains after any dividends to stockholders are paid (if applicable).For example, say a company has an income of $15000, taxes are figured usually on the full amount, say taxes are 16% and the company has total expense of $14000. To figure their "retained" earnings, we figure Tax expense $2400 + $14000 (other expense) = $16400 (total expenses)Revenue $15000 - Total Expenses $16400 = (-$1400) loss
You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in order to do the calculation for the numbers that you are looking for. After you complete your 1040 federal income tax return correctly to your TAXABLE INCOME and page 2 lines 43 and Line 44 you will know the amount of your income liability before any credits or other taxes. Continue from Line 45 to the last lines at the bottom of the 1040 page 2 and then you will know how much taxes you will have to pay if any after you complete your 1040 income tax return correctly
Answer You get taxed at different rates for parts of you income: You are taxed 12.5% when you earn up to $14000 21% from $14001 - $40000 33% $40001 - $70000 39% $70001 + 45% with no IRD number You need to add on the ACC levy on top of this which is 1.4% for the 2009 financial year. Here is an example to work out how much you should be taxed: Johns taxable income for the year was $65238 up to $14000 at 12.5% = $1750 $14001 - $40000 at 21% = $5460 $40000 - $65238 @ 33% = $8328.54 Total tax to pay = $15538.54
Debit cash 4000debit furniture 10000Credit capital 14000
14000
5,040,000 dollars
The amount shown on the 1099C is considered taxable income under IRS regulations and should be reported as such when filing ones tax return.
3% of 14000 = 3% * 14000 = 0.03 * 14000 = 420
6% of 14000= 6% * 14000= 0.06 * 14000= 840
10% of 14000 = 10% * 14000 = 0.1 * 14000 = 1400
14000
0.05 percent of 14000 = 70.05% of 14000= 0.05% * 14000= 0.05%/100% * 14000= 0.05 * 140= 7
35.1 percent out of 14000 = 491435.1% of 14000= 35.1% * 14000= 35.1%/100% * 14000= 35.1 * 140= 4914
14000
14 kg = 14000 g14 kg = 14000 g14 kg = 14000 g14 kg = 14000 g14 kg = 14000 g14 kg = 14000 g
14000