S corporations
Interest payments on Treasuries are subject to federal income tax, but not state income tax. If you buy and sell Treasuries, any capital gains are also subject to federal and usually state income taxes.
As an individual taxpayer filing one of the federal 1040 income tax returns when you do NOT have any federal income tax liability you generally will NOT be assessed any of the penalties for failing to file your income tax return by the DUE date.
As an individual taxpayer filing a 1040 federal income tax return and you do NOT have any income tax liability and OWE any income taxes on your correctly completed income tax return the final date to file would be October 15 2010.
All taxes should be withheld on earned wages. If a minor has less than the standard deduction in UNEARNED income then they will not pay any Federal Tax... the state and local taxes depend on the state and locality.
No. But you must claim any refunds of State & local taxes that you deducted in a prior year.
S corporations
Race does not have any bearing on US Federal income taxes.
Income to the corporation, as a legal "person", is taxable against the corporation. When the treasury pays dividends from its income to its shareholders, the dividend is taxable again as "income" to the shareholders. A "subchapter S-corporation" avoids this by skipping the corporate taxes and directly taxing the shareholders for any corporate income.
Anyone who earns income of any kind, pays income taxes, unless their income is below a minimum level; in addition, anyone buying goods that have Federal taxes on them also pays those taxes.
Anyone with any income, or even without an income can file. You are required to file Federal taxes if you made more than $1,800. Illinois requires anyone that earns or receives income in the state to file state taxes.
Sure they would be required to file a 1040 federal income tax return and pay any income taxes that may be due. Under 950 of unearned income (did not work for income) would be required to file a 1040 federal income tax return and pay some income taxes on the amount over 950 of UNEARNED income.
Age is NOT one of the requirements of when you must file 1040 federal income tax return. As long as your are still breathing and have the required taxable income amounts you will be required to file a 1040 federal income tax return and pay any income taxes that may be due on the taxable amount of your income.
No. While State taxes are a deduction to Federal income and hence may change your tax due to the Feds, your Federal tax does not effect your State taxes in any year.
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 you would not have any reason to file a income tax return for the tax year 2009.
Interest payments on Treasuries are subject to federal income tax, but not state income tax. If you buy and sell Treasuries, any capital gains are also subject to federal and usually state income taxes.
S Corps are "pass through" entities. They generally pay no income taxes (payroll taxes, sales taxes, etc, are just like any other business). Instead the income is not taxed on the Corporate level but is "passed through" to the owners, who must show it all as income that year (although they may not actually get cash). (Unlike a normal corporation which pays taxes, but may or may not make any distributions/dividends to it's owners to pay tax on).
As an individual taxpayer filing one of the federal 1040 income tax returns when you do NOT have any federal income tax liability you generally will NOT be assessed any of the penalties for failing to file your income tax return by the DUE date.