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Yes it is possible that children could be required to file a federal 1040 income tax return and pay some income taxes on the taxable worldwide income from all sources that they receive during the year.
A dependent on another taxpayer income tax return with unearned income interest, dividends, capital gains, gross rental income, taxable social security benefits, unemployment compensation, gambling winning and misc income, etc of more than 950 must file an income tax return and report all worldwide income on the 1040 tax return
A self employed taxpayer would be required to file an income tax return if business operation had a net profit of 400 and pay the social security and Medicare taxes that would be due plus any income tax that may be due after adding the net profit to all other gross income on the 1040 tax form and the amounts would be subject to income tax at the marginal tax rates.
The must file an income tax return requirement for the year 2009 would be in the 2009 1040 instruction book starting on page 7 through 9 and the book is available at the enclosed web site.
Go to the IRS.gov web site and use the search box for 1040 and choose instruction
Filing Requirements
Do You Have To File
Unless you're not American and don't live in the States in which case this is the wrong answer.
What else can I help you with?
Deduct money gifts to children from income tax?
No, but within certain limits you DON'T PAY gift tax.
What is difference between tax free and taxable income?
You don't pay tax on the tax-free pay and you do pay tax on taxable income
Do you need to pay monthly and quarterly income tax even though you have paid the annual income tax?
yes we have to pay tds and advace tax beside anual income tax
Do you pay income tax on inheritance?
No Federal income tax due on inheritance.
Do you have to pay income tax on IRA income?
On a standar IRA, Yes (you didn't pay tax on the $ contributed or as it grew). On a Roth IRA, (where you paid the tax on the income before contribution), No.
Do the wealthy pay income tax?
The wealthy do pay income tax, and since the wealthy have more income, they must pay more money in income tax.
Deduct money gifts to children from income tax?
No, but within certain limits you DON'T PAY gift tax.
What is difference between tax free and taxable income?
You don't pay tax on the tax-free pay and you do pay tax on taxable income
Do professional punters pay income tax?
all people pay income tax.
What do you pay income tax on?
Could it be your income??
Do you need to pay monthly and quarterly income tax even though you have paid the annual income tax?
yes we have to pay tds and advace tax beside anual income tax
Do you pay income tax on inheritance?
No Federal income tax due on inheritance.
Does child have to pay taxes on a bond?
Children have to pay taxes on the interest generated by a bond just like anyone else would. If their income exceeds a certain threshold, they must pay tax and file a tax return. In addition, children under 18 (or 24 if they are full time students) are subject to the kiddie tax. The kiddie tax applies when income from interest, dividends, and investments exceeds $1900 (in 2009, the limit changes annually). The kiddie tax subjects the child's investment income to tax at the same rate their parents pay.
What is the tax rate for vacation pay?
The tax rate for vacation pay is the same as the tax rate for regular income, which is based on your total income and tax bracket.
Whats the difference between tax free income and taxable income?
You pay tax on taxable income and you don't on tax free income
Do you have to pay income tax on IRA income?
On a standar IRA, Yes (you didn't pay tax on the $ contributed or as it grew). On a Roth IRA, (where you paid the tax on the income before contribution), No.
How do you use the word income in a sentence?
He had to pay his income tax. My dad has to pay income taxes.
