answersLogoWhite

0

The maximum amount of money one can earn in a year without being required to pay taxes is determined by the standard deduction set by the government. For the tax year 2021, the standard deduction for a single filer is 12,550. This means that if your income is below this amount, you generally do not have to pay federal income taxes.

User Avatar

AnswerBot

5mo ago

What else can I help you with?

Continue Learning about Finance

What is the maximum amount of income a side business can generate before being required to pay taxes?

The maximum amount of income a side business can generate before being required to pay taxes is 400.


What is the maximum amount of money you can earn as a hobby before being required to pay taxes on your earnings?

The maximum amount of money you can earn as a hobby before being required to pay taxes on your earnings is 400 per year.


What is the maximum allowable amount of a cashiers check without the IRS being notified?

Banks are supposed to file a Cash Transaction Report (CTR) for CASH transactions in amounts over $10,000. The key is CASH. The purpose is to track potentially unreported income. If the money for the check comes out of funds already on deposit at the bank, a CTR is not "required". That does not mean that a teller can not file a CTR in that case, but it is not required.


What percent can a creditor take out of you check for a garnishment?

That is determined by the laws of the state in which the judgment debtor resides. The maximum amount is 25% after disposable income with an amount equal to the weekly based federal or state minimum wage amount being exempt from garnishment.


What are the benefits of dental insurance with no maximum coverage limit?

Dental insurance with no maximum coverage limit provides the benefit of being able to receive necessary dental treatments without worrying about reaching a cap on coverage. This can result in better overall oral health and potentially lower out-of-pocket costs for the policyholder.

Related Questions

What is the maximum amount of income a side business can generate before being required to pay taxes?

The maximum amount of income a side business can generate before being required to pay taxes is 400.


What is the maximum amount of money you can earn as a hobby before being required to pay taxes on your earnings?

The maximum amount of money you can earn as a hobby before being required to pay taxes on your earnings is 400 per year.


What is the maximum income threshold where you can earn without being required to pay taxes?

The maximum income threshold where you can earn without being required to pay taxes is determined by the standard deduction set by the government. For the tax year 2021, the standard deduction for a single filer is 12,550. This means that if your income is below this amount, you may not be required to pay taxes.


What amount can a parent give to a child without being required to pay gift taxes in 2011?

The amount a parent can give to a child without being required to pay gift taxes is $13,000.00.


What is the maximum amount of coins you can have on Club Penguin without being banned?

you dont have a limit so enjoy spending you money from libby


What is the maximum buffer capacity of the solution being used in the experiment?

The maximum buffer capacity of the solution in the experiment is the highest amount of acid or base that can be added without causing a significant change in pH.


What is the maximum numbers of vehicles a private party can sell in California in one year without a dealer's license being required?

You can sell 6 cars a year with no sales lic.


What is the maximum allowable amount of a cashiers check without the IRS being notified?

Banks are supposed to file a Cash Transaction Report (CTR) for CASH transactions in amounts over $10,000. The key is CASH. The purpose is to track potentially unreported income. If the money for the check comes out of funds already on deposit at the bank, a CTR is not "required". That does not mean that a teller can not file a CTR in that case, but it is not required.


What is maximum forward current in case of diodes?

the maximum amount of current that a forward-biased diode can withstand before burning out or being seriously degraded.


What is the maximum time taken to complete the background check?

It purely depends on the nature of the verification and the amount of details required. IT will also be decided by the nature of the role the check is being performed to accompany. Most can be undertaken in 20 working days


Does minimum mean that you can't go higher than a amount given?

minimum-the lowest amount possible. maximum-highest amount possible. e.x.-20-40 20 being the min, 40 being the max.


What is the highest amount of overs bowled without a run being scored?

2.4