Tons.
Yes it is possible that a fourteen year could be required to file a federal 1040 income tax return and could possibly have a federal income tax liability after the 1040 income tax return is completed correctly.
Yes. If you have a source of income that is continuing, but erratic, (e.g.: sales commissions, etc) what you earn over a period of a year is averaged and that amount is added to your stable income when calculating your support obligation.
The amount of taxes you would have to pay on $15,000 would depend on various factors such as your income tax bracket, any deductions or credits you may qualify for, and your filing status. As a rough estimate, if this $15,000 is your total taxable income, you might owe around $1,700 to $2,300 in federal income taxes. However, it's always best to consult with a tax professional for an accurate assessment.
Yes, when you cash in a certificate of deposit, the interest earned is considered taxable income and you must report it on your tax return. The financial institution that issued the CD will provide you with a Form 1099-INT detailing the interest earned for the year.
It depends on many, many things...not the least of which is what you consider tax. Many people group all their withholdings as a type of tax, but many may not be. Workers Comp, Unemployment, even FICA are all really more an insurance payment than a withholding against an income tax. Some vary not just by State, but by company...or job in the company. The amount (or percentage) of income tax withheld also depends on many other things...obviously which state (or even city) your in (although that may be a surprisingly small variable), the amount of income your projected on earning over the year (because that helps determine your tax bracket and the percent that may be needed), as well as your filing status, number of dependents and other deductions. And other possible income. And some things are taken out as a straight percentage up to a certain amount of income being earned in a year, and then stop (like FICA). All these things can be adjusted for your circumstances by properly and completely filling out (or changing) the Form W-4 all employers ask you to. Understand that the definition of income changes with each application...your income from your employer is one thing, but the taxable income is different for the IRS, the State, and each other. Finally, there are a number of different legal ways for the payroll provider to calculate certain aspects of the amount to withhold...but overall they make only a small difference. Remember, anything withheld is just being done as an estimated installment payment toward whatever tax, if any, you do ultimately owe. If too much is withheld, it is refunded. (Too little, and you could pay a penalty). Again, adjusting your W-4 is the way to correct for any of these circumstances.
You can obtain easy-to-read income limits at the link provided below.
it doesnt matter about age. If a child earns over £5000 a year then they still have to pay income tax regardless of age.
Yes you could still file a 1040 federal income tax return but if you do not meet the MUST FILE A INCOME TAX RETURN and you do NOT have any income.
The average annual income is $55,000 per year for a still photographer. The average annual income for a wedding photographer is $102,000.
When a person does not file their income tax return every year, there will be a penalty. An income tax shows the amount of how much the person has earned for the year.
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For the 2009 tax year if your taxable income is 4800 your federal income tax liability would be 483.
Yes you will still owe money at the end of the year based on income received.
How it is looked at by the loan companies is Income minus Expenses, if your annual income is only 10k but your rent (or mortgage) is only 5k a year, they see it as you have 5k a year to pay your loan with. however if you make 40k a year, but pay a 35k a year mortgage, you still only have 5k a year to repay with. 40k a year does look better that 10k a year, but the income minus living expenses is the primary thing they look at, along with Credit.
Pediatricians average about $100,000 in income a year.
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Ones age does not determine if a person files taxes or not, what it matters is how much money the person made that year. What was the income of the person that year, is what determines the income tax filling status.