Is federal retirement 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… subject 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.
retirement benefits are considered earned income.
social security (FICA)
Generally, yes.. On the State level someplaces they may not be.
Taxes are withheld from the first dollar, although you may not actually pay any and get it all rrefunded.
By earnings from an estate, you probably mean your inheritance. The answer is no. But if the estate itself has earnings (for example, it earns interest in its bank account …or it sells property for a profit), you may have to pay federal income tax on your distributive share of the earnings. You also have to pay tax on what is known as "Income with Respect to Decedent" or IRD. An example of IRD would be a final paycheck given to a widow or interest paid on bonds after the death of the original owner. You may also have to pay taxes if you inherit a tax-prefered account such as an IRA or 401k. The distributions from such an account would be taxable.
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 pay…ments (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.
> 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, b…oth spouses 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 of income . 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!
Yes, However, you are tax free only on a portion of it. The amount you (personally not jointly with the government) put in, is deducted on a percentage basis. You need to cont…act IRS (or go to there web site) they have a computation for this. Keep good tax records you can do the deduction (of the base pay) for a few years until you have "used" up you portion then you pay tax on full amount of disability annuity.
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
My mother died at age 89 she had a income of around $60,0000. a little less pensions social security ect. she had been paying quartley around 5to 6,000.00 total. That seems to… me too much right or wrong concerned daughter
If you are a teen earned 223.00 in 2009 and paid no federal income tax do you have to file federal income tax for 2009?
If you do not have any other income other than the 223 earned income and no federal income taxes were withheld and you are a dependent on another taxpayers income tax return y…ou would not have any reason to file a income tax return for the tax year 2009.
If a child is claimed as a dependent how much can he earn before he is required to file a federal income?
A dependent on another taxpayer income tax return with unearned income interest, dividends, capital gains, gross rental income, taxable social security benefits, unemployment… compensation, gambling winning and misc income, etc of more than 950 must file an income tax return and report all worldwide income on the 1040 tax return A self employed taxpayer would be required to file an income tax return if business operation had a net profit of 400 and pay the social security and Medicare taxes that would be due plus any income tax that may be due after adding the net profit to all other gross income on the 1040 tax form and the amounts would be subject to income tax at the marginal tax rates. The must file an income tax return requirement for the year 2009 would be in the 2009 1040 instruction book starting on page 7 through 9 and the book is available at the enclosed web site. Go to the IRS gov web site and use the search box for 1040 and choose instruction Filing Requirements Do You Have To File Click on the below related link
The Fact, the truth is that the Government is just making people fool, real concept or collecting taxes is to help the poor people of the country, but Governement is taking be…nifit of silence of uneducated and illiterate people that all the money is tax money is used for for their luxury.
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 ?
Wage bracket and withholding table
In Income Taxes
is gambling income earned income