Filing is different than paying. Many, many more people have to file and actually then get $ back, or end up paying no tax. Perhaps money withheld on earnings that then turn out to be low enough that no tax, (or not even a return) would have been due. Or through benefits the gov't provides, like the earned income credit.
One of the things that is a regular experience for tax experts is hearing people claim how smart they are and how they don't need (or just don't) file, when in reality they had refunds due them!
The more complete and droll answer is: Whether you have to file a tax return depends, in part, on your filing status, age, and gross income.
Please refer to the "Do You Have to File" section of the Form 1040 Instructions, Form 1040A Instructions, and Form 1040EZ Instructions to determine if you are required to file a tax return.
You must file a tax return if you had net earnings from self�employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%. For more details, refer to Topic 554, Self�Employment Tax. For example a married couple, under age 65, generally is not required to file until their joint income reaches $16,400.
If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents.
You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as:
* social security tax and Medicare tax on tips or group life insurance, * alternative minimum tax, * tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account, * tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit.
Special filing requirements may apply to U.S. citizens who are residents of Puerto Rico or who have income from U.S. possessions. Refer to Publication 570 for additional information. Residents of Puerto Rico should select Topic 901.
Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851.
Even if you are not required to file a tax return, file a return if you are due a refund.
If you did not file a return for a previous year and you were required to do so, refer to Topic 153. If you need help determining which form to file, refer to Topic 352.
Answeryou pay taxes at any age.other wise the rich holliwood kids will pass it and every milioner will putt its business on the name of his kids and will skip taxes.for every buck you make no mather of age you have to pay I am not profesional______________________
Distribution of wealth has not changed since the days of kings and monarchs, essentially, a few 1% have most of it, while the middle class works and pays taxes so the wealthy can get wealthier. The rich control the poor, always is, always will...Social Sciences is truly scarey.
The time value of money, in a nutshell, is how much money would be worth in the future if you invested it at a certain rate. If you have $1 now and can invest for 5% (compounded annually), you would have $1.05 at the end of the year (Future Value) Can also be how much you need now to reach a certain amount in the future. If you need $1 in a year and can invest for 5% (compounded annually), you would need about 95 cents now (Present Value)
you will be paying for it...once you reach to your home country.
Under certain circumstances a loan may be forgiven by the lender, but age has nothing to do with it.
If a business is not making a profit then they are losing money if this continues a business will reach a point in which it will have no money and declare bankruptcy.
They hope they will be able to reach their financial goals.
yes, they call that a debit card
I think you might have to reach a certain amount of money to receive the money that you made. I am not sure, but i have the same problem... :\ please add me pie2232
There is no election to be the president of a club all what you have to do is to buy it for a certain amount of money which may reach billions.
You don't reach them, after a certain amount of wins the person at the desk askes if you will battle a boss
If you spend $50 or more on gap.com, you can get free shipping. You can also combine your gap.com order with other orders from its sister sites to reach that amount.
Even the most high profile attorney is unlikely to reach billionaire status. Although lawyers do make substantial amounts of money, there are also big expenses such as paying interns, paying researchers, having a staff, paying off law school, and paying for office expenses.
To become a true wizard, you have to reach a certain amount of studs in each level.
Lego city is a fun way of earning cash and basically an extra reward for completeing a certain amount of gold bricks. And you just destoy things and play around till you reach a certain amount of studs
The key to saving for retirement is a 401K. Make sure to invest a certain percentage of your paycheck every week to a 401K plan, over time this money will grow, and once you reach retirement age, you will have a lot of money ready and saved up.
Graduated commission is commission that has a structure that gradually increases as you sell more. You reach certain levels and you can make more money.
There is no mandatory retirement age for federal judges, although Congress provides that judges who reach a certain age and have been judges for a certain amount of time may retire from full-time service and still earn their salaries.
When you have one employer the amount of FICA ((OASDI) Old Age Survivor and Disability Insurance) for your social security would stop once your wages with the withheld social security amount reach 106800 and social security amount withheld would be 6621.60