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What are some factors affecting the amount of income tax you owe?
Wiki User
∙ 8y ago
the amount you made plus the dependents claimed, amount of interest, charitable donations, medical, business expenses.
Wiki User
∙ 8y ago
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What is the minimum yearly income in order to get your taxes refunded to you?
Your filing status would have an affect on this ans also and if you are a dependent on another individual taxpayers income tax return would affect the final numbers to. The amount that would be less than your standard deduction and exemption amount for your filing status and of course if you had some income tax withheld from your pay. Any of the amount above the your standard deduction amount and your exemption amount for the year would cause you to have income tax liability and this reduce the amount of any income amount that may have been withheld for the year.
How do you get a us tax refund?
By having some income withheld from your worldwide income and then filing an income tax return to claim a refund of some of the amount that may have been over withheld. More than your federal income tax liability on all of your gross worldwide income.
What is the difference between adjusted gross income and gross income?
Gross income on the 1040 income tax return is the total amounts of all of your worldwide taxable income added together that is on page 1 line 22 Total Income of the 1040 tax form. From the line 22 total taxable income you can have some amounts from line 23 through line 35 that can be used to reduce the gross taxable amount from the line 22 Total Income. The total amount of the adjustments form page 1 line 36 will be subtracted from the amount on line 22 Total Income and the reaming amount will be your adjusted gross income on line 37 and then that amount (AGI) will go to page 2 of the 1040 tax form line 38 for your AGI amount.
Can you file your income taxes even i only made 400.00 on my state wages?
You can file a return no matter what your income level is if you have some reason to do so. With this amount of income you are not required to file but you can if you want to.
What is income received in advance?
Income received in advance means that amount form customer is received in advance with promise of goods delivery at some future time.
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