$550 for a single person in 2011 with no children.
$15000 minus $5800 minus $3700 (standard deduction and exemption for single person with no children)
http://www.irs.gov/newsroom/article/0,,id=233465,00.html
how is the new 15000 dollar tax credit for homebuyers applied
too much
quit rent
Texas has NO state income tax
You report employment [payroll] tax on quarterly on 941 and yearly on 940.
how is the new 15000 dollar tax credit for homebuyers applied
The total tax is $750.00
Rs.15000 -/
$750.00
too much
100000000000000 a year
If your marginal tax rate is 35% the amount of federal income tax would be 21000.
$15,900.00
Approx 38906.
quit rent
From your yearly tax returns.
Texas has NO state income tax