Is less than that, ur tax free. I mean cmon ppl who make minimum shouldn't have to pay tax.
2006-09-25 08:41:00 · 5 answers · asked by Brittany S 2 in Business & Finance ➔ Taxes ➔ United States
Single:
Personal Exemption:3200
Standard Deduction:5000
Non-Taxable Amount:8200
10% Bracket: 7,550
Tax on 20,000: 1392.5
% of 20,000: 6.96%
Married:
Personal Exemption:6400
Standard Deduction:10000
Non-Taxable Amount:16400
Add 6400 Personal Exemption for Each child.
10% Bracket: 15,100
Tax on 20,000:360
% of 20,00: 1.8%
Even without any itemized deductions or credits, they don't pay much.
2006-09-25 15:54:14 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
With an income of $20,000, you might owe some tax but not a lot to the feds. If you have a child, the Earned Income Credit might give you more back than you pay.
2006-09-25 19:02:12 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
People who make minimum pay a very tiny amount of taxes. In fact up to $40,000 the final amount of tax is very small.
2006-09-25 17:16:20 · answer #3 · answered by united9198 7 · 0⤊ 0⤋
20,0000? Maybe we should just tax people who can't spell, type, formulate complete sentences, or understand the basic concepts of grammar.
2006-09-26 01:00:55 · answer #4 · answered by TaxMan 5 · 0⤊ 0⤋
i dont agree. everyone should pay taxes. what pizzes me is the way the govt wastes OUR money.
2006-09-25 15:46:18 · answer #5 · answered by namkciub 3 · 1⤊ 0⤋