0
If you are 89 - and your income is only 21000 - do you have to pay income tax?
Wiki User
∙ 16y ago
Probably, but maybe not. Most income is taxable, both before and after retirement. There are a few exceptions, and social security income goes by a special formula to figure how much of it is taxable. You may be able to file online, or at least enter enough information to find out what your figures might look like. The IRS offers free filing at many locations, also. This year, social security, or any earned income, could qualify you for an economic stimulus bonus, but you will need to file a return to get on the list at the IRS. CDH, tax preparer for 5 years
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
How much tax will you pay on 60000.00 lump sum?
If your marginal tax rate is 35% the amount of federal income tax would be 21000.
Do you have to pay income tax on taxable income if that was your only income?
Sure you do if you owe any amount after your income tax return is completely correctly.
Will I have to pay corporate income tax in Bahrain?
Bahrain tax system favours expatriates. There is no corporate income tax as well as personal income tax, no wealth tax on capital gain, no withholding tax. You only need to pay a few indirect taxes.
Do the wealthy pay income tax?
The wealthy do pay income tax, and since the wealthy have more income, they must pay more money in income tax.
Do you pay North Carolina state income tax if you only lived there for 3 months?
You pay state income tax for the three months you've lived there.
What is difference between tax free and taxable income?
You don't pay tax on the tax-free pay and you do pay tax on taxable income
Do people have to pay income tax on realized investments after they pay capital gains tax?
No. You will not pay income tax in addition to capital gains tax if I understand you correctly. However, capital gains tax for an individual is reported and paid on your 1040 income tax return. The only difference is that the rate for capital gains taxes is lower than the regular income tax levels.
Do professional punters pay income tax?
all people pay income tax.
How does income differ from pay?
income is from an investment and you only pay capital gains of 15 percent pay is earned income and is taxable as per the IRS tax code
Does Tennessee have a state income tax?
Tennessee does have a state income tax but it only taxes certain interest and dividend income. For this reason, most people in Tennessee don't pay any income tax.
You are 16 and have 2 jobs do you have to pay tax at all?
you will only pay tax if your income is over £6,500 , so you can hold down two jobs and pay no tax at all , but only if you are not well paid.
Do i have to pay tax on my social security if it is less than 9000?
No, Not if it is your only income.
