What is the minimum yearly income needed to pay income taxes for a college student in Florida?
== == The Q specifies Florida. Florida doesn't really have an
income tax, but of course, the Fed does!
Taxable income and what you may make as income are 2 different
things. Generally, your taxable income is lower than your gross (or
the amount you probably think you make). The limits and thresholds
that you want to know depend upon many other factors...your marital
status, your age, number of children or dependents, certain other
expenses, etc...so there is no hard and fast answer.
More importantly, how much you need to make before you must pay
is different than how much you need to make before you have to
file. frequently, if you don't make enough to have to pay taxes,
you make enough to have to file, and by doing so YOU GET MONEY
BACK. Whether it be money withheld from your pay, or as things that
the government gives you....like earned income credits, child
credit, or college education options for you, etc.
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