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What is taxable income and how do you know how much taxes are owed?
Wiki User
∙ 13y ago
By completing your income tax return correctly.
Start with all of your total worldwide income then subtract the adjustments to your income to come up with your adjusted gross income on the 1040 tax form line 37 and 38.
If you can qualify for some of the adjustments to income on the 1040 tax return those amounts would reduce you're your total income to make up your adjusted gross income line 37 and line 38 of the 1040 tax form and in turn reduce your taxable income and your federal income tax liability. Then you will subtract your deduction amount and then your exemption amount and line 43 you will have your taxable income. Then you will be able to determine the amount of your federal income tax liability for the year that and that amount will end up line 44 page 2 of the 1040 tax form.
Go to the IRS.gov web site and use the search box for Instructions 1040 in Adobe PDF Format go to page 29 through page 35 Adjusted Gross income start with line 23 through line 36 of the 1040 tax form then go through lines to line 44 for your taxable income on your 1040 federal income tax return.
Wiki User
∙ 13y ago
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How much taxes are due on 4800.00 a year?
For the 2009 tax year if your taxable income is 4800 your federal income tax liability would be 483.
150000 taxable income what are the taxes?
You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in order to do the calculation for the numbers that you are looking for. After you complete your 1040 federal income tax return correctly to your TAXABLE INCOME and page 2 lines 43 and Line 44 you will know the amount of your income liability before any credits or other taxes. Continue from Line 45 to the last lines at the bottom of the 1040 page 2 and then you will know how much taxes you will have to pay if any after you complete your 1040 income tax return correctly.
How much taxes you pay when working on commission?
Commission is treated as regular income and is taxable. You may, possibly, have business expenses that can be counted against the income--follow the IRS guidelines.
How much money do construction workers have to pay for taxes?
Presumably you mean income taxes. Basically everyone pays the same income taxes, a varying percentage of earnings dependent on their net income and situation. The occupation is irrelevant. That said, the amount of income tax actually paid depend on the actual taxable (not all income is taxable) income earned (including things like interest earned, etc), the deductions and exemptions of the recepient (things like maritial status, # of dependents, etc.), and if you consider State taxes, where they are earned or where the individual lives.
How much tax if any can you deduct on your federal and or state income tax?
Obviously, tax isn't deductible from determining the income that is taxable, for the same tax involved. There is no limit to the amounts. Generally: Federal - State (and city) income taxes and property taxes, (and under a new rule some sales taxes if your in a state without property tax), and of course a plethora of the payroll type taxes may or may not be currently includable in determing Federal taxable income. State Income taxes do not allow their own State (and sometimes other States) taxes to be deducted...essentially you add them back to your Federal Taxable Income. They may also consider some things like Unemployment Ins payments (and other payroll taxes) differently than the Feds. Also generally, to be currently deductible, the tax must have been paid to the jurisdiction, not just what you expect to pay.
Whats the federal taxes on a 50000 income?
It would vary based on how much of it is a taxable income and what kind of deductions are included.
How much money does a veterinarian need to pay federal taxes?
Depends on the veterinarian's taxable income for the year in question.
How much taxes are due on 4800.00 a year?
For the 2009 tax year if your taxable income is 4800 your federal income tax liability would be 483.
150000 taxable income what are the taxes?
You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in order to do the calculation for the numbers that you are looking for. After you complete your 1040 federal income tax return correctly to your TAXABLE INCOME and page 2 lines 43 and Line 44 you will know the amount of your income liability before any credits or other taxes. Continue from Line 45 to the last lines at the bottom of the 1040 page 2 and then you will know how much taxes you will have to pay if any after you complete your 1040 income tax return correctly.
How much to you have to earn in order to contribute to Roth IRA?
You need to have taxable income at least equal to the amount you contribute to your Roth IRA. If you contribute $5,000, but have only $4,000 in taxable income, you need to pay taxes on $1,000 excess contribution.
How much taxes you pay when working on commission?
Commission is treated as regular income and is taxable. You may, possibly, have business expenses that can be counted against the income--follow the IRS guidelines.
Over how much taxable income must I have to file a tax return?
How much must I make in taxable income to have to file a return?
How much money do construction workers have to pay for taxes?
Presumably you mean income taxes. Basically everyone pays the same income taxes, a varying percentage of earnings dependent on their net income and situation. The occupation is irrelevant. That said, the amount of income tax actually paid depend on the actual taxable (not all income is taxable) income earned (including things like interest earned, etc), the deductions and exemptions of the recepient (things like maritial status, # of dependents, etc.), and if you consider State taxes, where they are earned or where the individual lives.
You clean houses and would like to know how much you can make before you have to pay taxes?
All income is taxable. If you make less than $400 net income from self-employment, you do not have to pay self-employment tax (Social Security and Medicare) on that income. Federal income tax still applies.
How much do you take home after taxes if you make 200000 a year?
You should get this information from your employer payroll department as they will be the one that would know how much FICA, federal income tax, state income, local taxes, etc that they will have to withhold from your hourly pay or gross pay for the pay period. After the withheld amount for all taxes and other necessary withholding amounts are subtracted from your gross wages (earned income) then you will know how much your net take home pay should be should be for the the year on your 200000 of gross taxable earnings.
How much in taxes do you pay on 2400 gambling winnings?
There is not certain tax rate on gambling winnings so it will depend on what your taxable income is to determine the tax on winnings. It is ordinary income just like your employment income.
How much tax if any can you deduct on your federal and or state income tax?
Obviously, tax isn't deductible from determining the income that is taxable, for the same tax involved. There is no limit to the amounts. Generally: Federal - State (and city) income taxes and property taxes, (and under a new rule some sales taxes if your in a state without property tax), and of course a plethora of the payroll type taxes may or may not be currently includable in determing Federal taxable income. State Income taxes do not allow their own State (and sometimes other States) taxes to be deducted...essentially you add them back to your Federal Taxable Income. They may also consider some things like Unemployment Ins payments (and other payroll taxes) differently than the Feds. Also generally, to be currently deductible, the tax must have been paid to the jurisdiction, not just what you expect to pay.
