2006-08-04 07:27:14 · 3 answers · asked by AngMc 1 in Business & Finance ➔ Taxes ➔ United States
In Texas specifically....
2006-08-04 07:34:52 · update #1
If you're single, under age 65, and not a dependent/child of someone else, it's $8,200 gross income.
There are also special circumstances which might require you to file a return.
Check your 1040 tax guide or the IRS web site.
Even if you don't need to file a return, if you've had taxes taken out of your paycheck, you should file to get back the taxes you paid in. You also might qualify for EIC or other credits based on your income.
2006-08-04 08:17:23 · answer #1 · answered by Celeste 6 · 0⤊ 0⤋
It is not the amount of money you make you should be concerned about, remeber the IRS is a federal agency and as such it doesn't matter where you live.
Federal law stipulates that you are required to report any and all income you generate thru the year legally and illegally (can you imagine a drug dealer reporting his income) but seriously this is more important if your emloyer reports your income on a W-2 which are sent to the IRS, also if you receive interest and/or dividends from financial institutions those are also sent to the IRS. If you happen to be self-employed things are a little worse due to the fact that you will be liable for self-employment taxes on the net profit from your business. As you can see what you should be concerned with is how much taxable income you have after all your deductions.
One good thing is that since you reside in Texas you have no State income taxes.
2006-08-04 07:49:57 · answer #2 · answered by BigAl 1 · 0⤊ 0⤋
I think it is $600.00 in California! Depends on the state.
2006-08-04 07:30:57 · answer #3 · answered by italian_princess 2 · 0⤊ 0⤋