I am working a summer job and filled out all my paperwork for taxes. I was pretty sure I read something about being exempt from federal taxes if I'll make under $6500 or something this year. (Which I will). My father however believes this is untrue. Anyone know? Thanks.
2006-06-20 11:09:17 · 5 answers · asked by galwaypiper 2 in Business & Finance ➔ Taxes ➔ United States
Work through the questionnaire at the link below. You may need to file an income tax return if your unearned income is more than $800, or your earned income is more than $5,000.
Note also that you may have more income tax withheld than you actually owe, and that you may need to file an income tax return in order to get a refund.
Finally, nobody is exempt from federal taxes. Even if you don't owe income tax, you will pay social security and Medicare taxes.
2006-06-20 14:02:01 · answer #1 · answered by TaxGuru 4 · 11⤊ 3⤋
The cutoff was $8200 last year if you're not a dependent of your parents. The rules change if you are - then if your gross income is over $5000 you have to file, and will probably owe some taxes if you make $6500.
2006-06-20 21:46:39 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
There many things to consider. Sounds like your single. If you received a W2 and made less than $8,200 in 2005, you do not have file taxes. But if you received more than $400 cash in 2005 than you do have to file taxes. Hope the info helped.
2006-06-20 21:32:48 · answer #3 · answered by Ren 3 · 0⤊ 0⤋
It's bout 7,500! the personal exemption is subtracted and the filing status, it comes to 0. so anything under that is the exempt amount. But if taxes are taken out, and ur under that amount u'll still be fine.
2006-06-20 18:22:05 · answer #4 · answered by csabrinam 3 · 0⤊ 0⤋
galwaypiper is a homo
2006-06-21 14:46:56 · answer #5 · answered by d_f_t_m_b 1 · 0⤊ 0⤋