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What will be the end result for the taxpayer who filed his federal income tax return using the 1040EZ form shown below?
Wiki User
∙ 6y ago
he will owe $135
Selena Rojas
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If you earn less than 16000 do you get all your tax back?
You will not know this answer until you complete your federal income tax return correctly. If you are a single taxpayer filing your 1040 federal income tax return correctly with no adjustments to income using the single filing status the standard deduction and your exemption amount for the tax year 2009.If you are not a dependent on another taxpayers income tax return and if you are under the age of 65 for the tax year 2009 you can have 9350 free of federal income tax. 16000 less 9350 leaves 6650 of taxable income that will be subject to the federal income at your marginal tax rate for a single taxpayer from the 1040 instruction book the tax table amount would be 668.6,650 to 6,700 Income tax is 668 federal income tax liability for the tax year 2009It is possible that could qualify for some earned income tax credit and the making work pay tax credit if your qualify for them and complete your federal income tax return correctly and credits amount would reduce the federal income tax liability amount and could result in a refund when your income tax return is completed correctly.
What happens if you don't pay income taxes?
This is a great question that requires more than a simple answer. The basic answer is if you don't pay your taxes the IRS will either levy your wages, your bank account or they will put a federal tax lien against your social security number. Sometimes taxpayers confuse non-payment of taxes with non-filing of their tax returns.A taxpayer can file their tax return and then not pay the taxes they owe. If this is the case then everything mentioned above would apply.There are situations where a taxpayer may choose to not file a tax return. If no tax return is filed then there is nothing to pay, right? Wrong! The IRS has a record of the taxpayers earnings and knows the taxpayers owes taxes even though the taxpayer did not file a tax return.If a taxpayer does not pay their taxes they face strong collection activities by the IRS.If a taxpayer does not file a tax return this is considered tax evasion and the IRS can put you in jail.Failing to report non-trackable income such as tips can result in severe penalties.If you underreport income the penalties are severe.You will find the answer to all of your questions if you seek professional advice.
Under what conditions do I need to file a federal tax form 1065?
You need to file tax form 1065 if your income is the result of a partnership. If your income is split between business partners, this is probably the form you will need to fill out.
Positive operating income will result if gross profit exceeds?
Positive Operating income will result if gross profit exceeds operating expenses
What is a tax trap?
A tax trap is a tax law provision that can result from a taxpayer's loss of an otherwise available tax benefit from a transaction.
If you earn less than 16000 do you get all your tax back?
You will not know this answer until you complete your federal income tax return correctly. If you are a single taxpayer filing your 1040 federal income tax return correctly with no adjustments to income using the single filing status the standard deduction and your exemption amount for the tax year 2009.If you are not a dependent on another taxpayers income tax return and if you are under the age of 65 for the tax year 2009 you can have 9350 free of federal income tax. 16000 less 9350 leaves 6650 of taxable income that will be subject to the federal income at your marginal tax rate for a single taxpayer from the 1040 instruction book the tax table amount would be 668.6,650 to 6,700 Income tax is 668 federal income tax liability for the tax year 2009It is possible that could qualify for some earned income tax credit and the making work pay tax credit if your qualify for them and complete your federal income tax return correctly and credits amount would reduce the federal income tax liability amount and could result in a refund when your income tax return is completed correctly.
What happens if you don't pay income taxes?
This is a great question that requires more than a simple answer. The basic answer is if you don't pay your taxes the IRS will either levy your wages, your bank account or they will put a federal tax lien against your social security number. Sometimes taxpayers confuse non-payment of taxes with non-filing of their tax returns.A taxpayer can file their tax return and then not pay the taxes they owe. If this is the case then everything mentioned above would apply.There are situations where a taxpayer may choose to not file a tax return. If no tax return is filed then there is nothing to pay, right? Wrong! The IRS has a record of the taxpayers earnings and knows the taxpayers owes taxes even though the taxpayer did not file a tax return.If a taxpayer does not pay their taxes they face strong collection activities by the IRS.If a taxpayer does not file a tax return this is considered tax evasion and the IRS can put you in jail.Failing to report non-trackable income such as tips can result in severe penalties.If you underreport income the penalties are severe.You will find the answer to all of your questions if you seek professional advice.
Under what conditions do I need to file a federal tax form 1065?
You need to file tax form 1065 if your income is the result of a partnership. If your income is split between business partners, this is probably the form you will need to fill out.
You owe 50000 can you surrender cash value on your life ins?
You owe 50000 you can surrender the cash value of your life insurance. This may result in federal and state income taxes where applicable.
Why was the federal income tax of 1984 declared unconstitutional?
The federal income tax of 1984 was never declared unconstitutional by any legally established court.The income tax is clearly and unambiguously constitutional, and arguing otherwise while refusing to pay the tax will result in fines, penalties, and possibly jail time. The tax protester arguments used against it have been repeatedly ruled frivolous and completely without merit.
Complying With Personal Income Tax Laws?
Most individuals who earn wages are required by law to report these earnings to the U.S. Department of Revenue. The federal government collects taxes on income received through wages, self employment, certain royalties and the sale of materials. Personal income tax laws require most wage earners to report their income annually. Failure to do so can result in monetary penalties and possible garnishment of future earnings.Taxes Owned On Employee EarningsAll income received by an individual from his or her employer is reported to the IRS. The employer prepares a tax statement showing what wages were paid to each employee. The employee receives a form from the company showing the amount reported to the IRS. It is the responsibility of the individual to file a return with the Department of Revenue that includes this information.If the taxpayer fails to complete and submit a return by the tax reporting deadline the federal government will automatically attach a monetary penalty to the amount owed. If the taxpayer is due a refund this penalty will reduce the amount owed the individual. Federal law allows for the penalty to be assessed each and every month the taxpayer fails to pay any monies owed. This amount is a small percentage of the taxes due.Collections Of Taxes Through Wage GarnishmentsThe federal government has the right to contact an employer for the purpose of announcing pending wage garnishments. This means the government can legally withhold a portion of the wages earned by an employee who owes money to the IRS and has made no effort to comply with the tax laws. Some states have laws prohibiting wage garnishments by certain agencies. The federal government is exempt from these state laws and can impose a garnishment levy at any time.Rights Of The TaxpayerIf the taxpayer feels the information contained in a tax statement is incorrect he or she is entitled to submit evidence for the error. The federal government is required by law to review this evidence. If an individual owes tax money to the IRS and contacts the agency with a request for an installment agreement the government is required to consider such a request. In most cases the individual will be allowed to pay off any taxes owed through monthly installments. Such an agreement is legally binding and cannot be voided or canceled by the taxpayer. An installment agreement must also be fulfilled regardless of any new taxes owed the government. If the agreement term is still in effect when the taxpayer owes additional taxes, any new such tax amount must be paid in full or the installment agreement is considered void.
Positive operating income will result if gross profit exceeds?
Positive Operating income will result if gross profit exceeds operating expenses
What is tax trap?
A tax trap is a tax law provision that can result from a taxpayer's loss of an otherwise available tax benefit from a transaction.
What is a tax trap?
A tax trap is a tax law provision that can result from a taxpayer's loss of an otherwise available tax benefit from a transaction.
What type of crime is mail theft?
It is a federal crime, which can result in federal time.
Is your federal income tax refund considered income on your state return?
I can't answer for all states, but in VT the amount of Federal tax refunds are not taxable on the state return. Further in that VT piggy-backs the federal return. (Uses the federal tax as basis for computing state tax), it would take some tricky math to calculate. The state refund is taxable on the federal return (if you itemized deductions the year before), so in that instance, the amount of the state refund for that year would, in fact, be taxed on the federal return and thus that portion would be again taxed by the state (VT) as a result of the "piggy-backing" method used by the state.
What is the best definition of unearned income?
Unearned income is any income that was not paid as part of the compensation for services provided by the taxpayer.An example is income that is generated as a result of investments, properties, stocks and bonds, etc.
