Yes you would be required to file a 1040 federal and state income tax return to report your income for the tax year.
No, if you made anything less than $600.00 in one year then you do not need to pay taxes on that income. However, you should still file your taxes for that year.
Taxes are payable on income less expenses
you don't have to file taxes if the total income was $100.00.
Income Tax brackets exist to apply more taxes (as a percentage) to those who have more money to pay, and less taxes to those who have less money.
Your income must be 58000 or less to file your federal income taxes for free. If your income is higher then you cannot file them for free from e-file.
No, if you made anything less than $600.00 in one year then you do not need to pay taxes on that income. However, you should still file your taxes for that year.
Taxes are payable on income less expenses
Less
you don't have to file taxes if the total income was $100.00.
Yes, you are required to report all interest income on your taxes, regardless of the amount.
Yes, you are required to report all interest income on your taxes, regardless of the amount.
Income Tax brackets exist to apply more taxes (as a percentage) to those who have more money to pay, and less taxes to those who have less money.
Yes, you are required to report all interest income on your taxes, regardless of the amount.
Your income must be 58000 or less to file your federal income taxes for free. If your income is higher then you cannot file them for free from e-file.
Yes
i doesnt help the less fortunate. No taxes help them.
Payroll taxes (the major support for social security and a likely venue for future taxation). You may pay less income tax when you retire due to lower income. Federal retirees and some others usually do not pay state income taxes on their pensions.