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Yes.
Age is not a factor in determining income tax filing requirements.
However, many senior citizens fall below the filing requirements because of limited income. Some may actually get benefits by doing so and to receive any benefits that may be coming to them, it is better to file. Most senior centers have a free service available to file.
What else can I help you with?
When seventy years old do you still pay Taxes years old?
No as a senior citizen I am exempted from paying Income tax. The above answer is NOT correct. Corrected answer below 07/09/2010 YES. 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.
Does a retired person pay fica?
No, retired individuals typically do not pay FICA (Federal Insurance Contributions Act) taxes, which include Social Security and Medicare taxes, on their retirement income. However, if they have other sources of income, such as wages from part-time work, they may be subject to FICA taxes on that income.
What are the income guidelines in Lincoln, Nebraska to qualify for senior low income apartments?
Income guidelines for senior low income apartments in Lincoln, Nebraska can vary depending on the specific housing program or facility. It's best to contact the individual apartment complex or program to inquire about their specific income requirements. Generally, low income apartments for seniors are designed to accommodate those with limited incomes relative to the area's median income.
What taxes does a 70 year old have to pay?
A 70-year-old individual may still be required to pay various taxes depending on their income, assets, and activities. They may have to pay income tax on any taxable income they earn, including retirement income, pensions, or rental income. Additionally, they may be subject to property tax if they own real estate, and they may have to pay sales tax on purchases they make. It is essential for older individuals to consult with a tax professional or contact their local tax authority for specific guidance.
Do i have to file taxes if i am a disabled person over age 65?
Yes it is possible that you could meet the must file a income tax return requirement even when you are over age 65 and disabled. 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. A dependent on another taxpayer income tax return with unearned income interest, dividends, capital gains, 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 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
Can a person claim exempt of federal taxes for only one paycheck?
If you earn income or make money, you are required to pay federal taxes. It does not matter how many paychecks you receive.
Do disable people stop paying federal taxes?
No. Income below the threshold is the only thing that can cause a person not to be required to file taxes.
Do person receiving ssi have to file tax return?
If SSI is the only income that you and your spouse, if married, receive then you will not be required to file an income tax return for the Federal Government.
Do NY pay federal taxes on unemployment?
Unemployment benefits are subject to federal income tax in every state. However, in 2009, the first $2400 per person is exempt from federal income tax.
How much federal income tax for a single person is deducted from the paycheck?
8.75%
What is required for a person to qualify for the Supreme Court and federal courts?
Legislative
At what age does a person no longer have to pay federal income taxes?
No such thing...young or old...the tax is based on income and your age is irrelevant.
How is the federal income tax a progressive tax?
The Federal income tax is a progressive tax because the more a person makes in revenue, the more tax they will have to pay. The tax level or percentage is higher for those with a higher income, too.
For individual person which form is required for income tax return filling?
1040
How does a person with no income claim income and get taxes back is it illegal?
Yes, lying to the federal government in order to defraud them of money is illegal. And stupid; employers are required to send info to the IRS, so if you're claiming income they have no record of for a refund of taxes they have no record of you paying, they're going to get at least a little suspicious.
Does imputed income from domestic partner health insurance change your tax filing status?
No. For purposes of federal income tax, you must file as single if you are not legally married to a person of the opposite sex. The value of the DP coverage is imputed as income because the covered person is not your legal spouse under federal law.
Taxable income is used to compute a person's?
Taxable income is the amount on your 1040 federal income tax return page 2 Line 43 and is used to determine the correct amount of your federal income tax liability for the tax year 2010 after your income tax has been completed correctly to line 44 $$$$????
