What would you like to do?
Is federal retirement earned income?
For tax year 2009 tax return that you will file in the year of 2010. Generally a person who is self-employed must file a tax return if their net earnings from self employment …for the year exceed $400, and pay social security and Medicare taxes and any income taxes that may be due. If a dependent on some one else tax return and unearned income (pension, rent, interest, dividends, capital gains, etc.) over 950 must file a tax return. For 2009 filing single and under 65 the gross income amount is at least 9350 must file a tax return. Excluding social security benefits. For 2009 Single standard deduction amount is 5700 Exemption amount is 3650 Total tax free income for 2009 year is 9350 excluding social security benefits For more detailed information on filing requirements go to www.irs.gov and use the search box for 1040 choose 1040 instruction and go to page 7 thru 9. http://www.irs.gov/pub/irs-pdf/i1040.pdf And of course you do not want to forget the state as they could have different filing requirements and possibly some benefits you could be entitled to if you were to file a tax return with them
social security (FICA)
Yes, that is true but the bank can go to court and get a judgment against you then call the county sheriff to go to your house and seize your personal assets from your house t…o satisfy the debt! No. Not directly but according to Carol: http://www.creditmagic.org/garnishment/card-debt.html Social security benefits can only be garnished for recovery of Federal Taxes and alimony and child support obligations but, it cannot be garnished for recovery of credit card or any other types of debt. However the creditor can bring judgment against you to garnish your bank account. If the creditor garnishes your bank account then your account may be debited in full whenever any money gets credited in the account.
retirement benefits are considered earned income.
A retirement income calculator is a calculator that can tell you how much you can spend after retirement each month. It determines the maximum amount of money available for th…e remaining life span of a senior.
When deciding how much of their income to save for retirement should workers consider the real or the nominal interest rate that their savings will earn Explain?
In this case the Real Rate of Return (RRR) should be used. A worker saving for his retirement, will be concerned with how much goods his money will be able to buy a…fter finishing work. That is why the inflation should be taken into acount. If using nominal rates you would see how much stuff would you be able to buy TODAY with the amount you will have when retired.
Withholding is optional on regular periodic retirement pension payments. You may request withholding if you wish. Ask the payer for a withholding form. However, pension paym…ents (except for return of employee after-tax contributions and Roth 401k employee contributions and earnings) are taxable. You will have to pay tax on them when you file your tax return at the end of the year. And if you don't have withholding, you may have to make quarterly estimated tax payments in order to avoid an underpayment penalty.
Wage bracket and withholding table
No, earned income has to come from wages or self-employment.
What is the maximum income a full time student can earn and still be taken as a dependent on a federal income tax return?
If the student is under 24 at the end of the year or is totally and permanently disabled, there is no limit. But the student must not provide more than half of his/her own sup…port. Money deposited in a savings account (for example) does not count as support. Otherwise, the student's gross income cannot exceed $3500 and the taxpayer claiming the student on their return must provide at least half of the student's support.
> Self-employed, any age: $400 Children and Teens classified as a dependent: $5,700 Single, under 65: $9,350 Single, over 65: $10,750 Married, filing jointly, both sp…ouses under 65: $18,700 Married, filing jointly, one spouse over 65: $19,850 Married, filing jointly, both spouses over 65: $20,900 Married, filing separately, any age: $3,650 Source: TurboTax Support website (related link below) Even if you do not have to file, you should file to get money back if Federal Income Tax was withheld from your pay,which if you were an employee most certainly happened or you qualify for any of the following: Earned Income Tax Credit. The Earned Income Tax Credit is a federal income tax credit for eligible low-income workers. The credit reduces the amount of tax an individual owes, and may be returned in the form of a refund.Additional Child Tax Credit. This credit may be available to you if you have three or more qualifying children or if you have one or two qualifying children and earned income that exceeds $11,300. The Additional Child Tax Credit may give you a refund even if you do not owe any tax.Health Coverage Tax Credit. Limited to certain individuals who are receiving certain Trade Adjustment Assistance, Alternative Trade Adjustment Assistance, or pension benefit payments from the Pension Benefit Guaranty Corporation. Additional information on filing taxes: Simple Common Sense: The only time you actually do WANT to file is when the IRS says you don't have to! They don't do that because it's good for you. They do it because it is more likely to be good for them. Certainly if you don't have to file, NOTHING BAD, in fact only good things, can happen by doing so. Federal Taxes are the same throughout the country. State tax laws are specific to each area. Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, amount & type ofincome. There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or working from home or a student. It is all addressed as a matter of "how much TAXABLE income." (Note: working isn't relevant either, as many people who don't work or are retired, or disabled, or old, or young, or in school, have income from many sources: savings, investments, etc. TAXABLE income is different than what you may otherwise think of as income. In most circumstances, you have to do many of the calculations needed to file a return, just to determine what taxable income may be). Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does. You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%. If you weren't self-employed (paid on a 1099 or ran your own business) then you would always want to file a return to claim the amount withheld and shown on your W-2, which with lower incomes will always be refunded to you. If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents. All available at www.IRS.gov You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as: social security tax and Medicare tax on tips or group life insurance,alternative minimum tax,tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account,tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit. Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851 at the IRS website. Even if you are not required to file a tax return, file a return BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING THAT ARE KEYED TO FILING A RETURN. (Like stimulus checks). Also, the Statute of Limitations for when the IRS can no longer ask you questions about your affairs for a year only STARTS to run when a return is filed. Not filing, and they can bug you, (and assess a tax) for forever!
Earned income comes from wages or self-employment. The IRS considers rental income as passive (not from work.)
In Income Taxes
The short answer is "no." Refer to the following web site in the Related Link below, See Rule 7.
Taxes are withheld from the first dollar, although you may not actually pay any and get it all rrefunded.
Any type of payment that you worked for would be Earned income it can be any type of payment items, money, bartering, self employment, any type of payment or property, etc tha…t you receive for providing your services working for any one. Go to the IRS gov website and use the search box for What is Earned Income?
Can wages earned overseas that are not subject to federal income tax be garnished for child support?
I've worked several overseas assignments. The US is one of the only countries that taxes foreign income so I can't imagine a situation where your foreign income would NOT be s…ubject to US federal taxes. As such I would further suppose that it is therefore liabel to be garnished. I'm improving the previous answer: My husband worked overseas. He did not have to pay US federal taxes because he paid German taxes and a person cannot be double taxes on income. He still had to pay his child support obligation and it was garnished from his pay.