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How much taxable income do you have to make to get the earned incomecredit return?
When you qualify for the earned income tax credit and you have the qualified taxable earned income of 1 to 50 you can get 2 of earned income tax credit.
And it also possible that could qualify for some of the making work pay tax credit.
This would only happen when your income tax return is completely correctly.
What else can I help you with?
What is the difference between gross and fed taxable wages?
Gross wage amount would be your total earned income for the year on line 7 page 1 of your 1040 federal income tax return. Taxable amount would be the amount that ends up on page 2 line 43 of the 1040 federal income tax return.
Do you have to pay income tax on money earned while working after age 72?
Sure and you already know that you will have to do this. Age is NOT one of the requirements of when a person MUST FILE A INCOME TAX RETURN. When you have the amount of taxable income for your filing status to meet the MUST FILE A INCOME TAX RETURN you can be any age as long as you are still breathing you will be required to file your 1040 income tax return correctly and pay the amount of income TAX that may be due on all of your gross taxable worldwide income.
Why do people have tax returns?
A tax return is a report of taxable income, taxes paid, deductions and credits. Law requires that a person with taxable income file a tax return with the IRS.
Is locality pay taxable?
Sure locality pay would be taxable income and would be added to all of your other gross worldwide income and reported on your 1040 federal income tax return and the TAXABLE amount would be subject to income taxes at your marginal tax rates when the income tax return is completed correctly.
Is inheritance from a trust taxable?
YES it is possible that you could receive some taxable income from the trust that you would have to report on your 1040 federal income tax return.
Over how much taxable income must I have to file a tax return?
How much must I make in taxable income to have to file a return?
Do I have to pay taxes on a CD account?
Yes, interest earned on a CD account is considered taxable income and must be reported on your tax return.
What are the similarties between the state income tax and the federal income tax?
The amount of your tax liability is based on your TAXABLE INCOME after your income tax return is completed completely and correctly down to the TAXABLE income line of each income tax return.
What is the difference between gross and fed taxable wages?
Gross wage amount would be your total earned income for the year on line 7 page 1 of your 1040 federal income tax return. Taxable amount would be the amount that ends up on page 2 line 43 of the 1040 federal income tax return.
Is unemployment checks considered income?
Yes it is taxable income that has to be reported as such on your 1040 income tax return. For the tax year 2009 the first 2400 of unemployment compensation received will not be taxable income that would have to be added to all of your other gross worldwide income and taxed at your marginal tax rate.
If opening a small savings account with cash not earned income how do you avoid paying taxes on interest?
You CAN NOT avoid reporting the interest that is received during the year from your savings account and adding the amount to all of your other gross worldwide income and paying federal income tax on the amount at your marginal tax rate after your 1040 federal income tax return is completed correctly. And to the essense of yoru question, I believe your confused about what is taxable income. EARNED income may be taxable (generally is) and UNEARNED income (in the vernacular) is ALSO taxable the same way...it is all taxable income. And certainly interest is taxable income (unless it is from a specifically none taxable type of investment, like a State/Municipal bond) , regardless of the source of the underlying deposit.
Do you have to pay income tax on money earned while working after age 72?
Sure and you already know that you will have to do this. Age is NOT one of the requirements of when a person MUST FILE A INCOME TAX RETURN. When you have the amount of taxable income for your filing status to meet the MUST FILE A INCOME TAX RETURN you can be any age as long as you are still breathing you will be required to file your 1040 income tax return correctly and pay the amount of income TAX that may be due on all of your gross taxable worldwide income.
Do students have to file a local tax return?
If they have taxable income
Why do people have tax returns?
A tax return is a report of taxable income, taxes paid, deductions and credits. Law requires that a person with taxable income file a tax return with the IRS.
Are disability payments from SS taxable?
Yes it can happen that from 50% to 85% of your SSB can become taxable income on your 1040 income tax return.
Is locality pay taxable?
Sure locality pay would be taxable income and would be added to all of your other gross worldwide income and reported on your 1040 federal income tax return and the TAXABLE amount would be subject to income taxes at your marginal tax rates when the income tax return is completed correctly.
Is rent collected from the lease of a residential building taxable?
Of course. All income is taxable and rent received for anything is taxable income. You will file this on Schedule E of your 1040 tax return.
