How much money can you earn in a year before they can tax you (live in Indiana).?

Question

I want to know how much money you can make in a year before they can tax you for it. what is the max you can make a year before it is subject to taxes?

Answer 1

For federal, depends on such things as your marital status, filing status, number of dependents, and age. Also whether you're an employee, independent contractor, or own your own business. An independent contractor or business owner has to file a return and pay social security tax if they make over $400 - for an employee, that's already been taken out when you got your paycheck. For income taxes, each person gets an exemption that last year was $3200, might change a little this year but not much. For additional dependents, get additional exemptions. Each person also gets a standard deduction which varies depending on age and filing status - last year for example was $5000 for single person under 65, $10,000 for married couple filing jointly, both under 65. If you're an employee and make less than your exemptions plus your standard deduction, you don't owe tax and don't have to file. You might want to file to get back money that was withheld, or to claim the Earned Income Credit.

For state, every state has different rules, and some tax from the first dollar. Indiana lets you exclude $1000 per exemption; anything over that is taxed. Depending on where you live, there could also be local income taxes.

Answer 2

Get a tax guide. It changes every year because the tax laws change every year. I believe it is 10 thousand but it may be closer to twenty thousand. You actually don't need to file taxes if they owe you a refund. But if they don't look out.

Answer 3

Every penny you earn is subject to taxes....but if you make less than about $5000 a year usually you'll get it all back when you file your income tax

Answer 4

at one single job... I believe it's around 1000.00 total

Answer 5

If you are self-employed, it is a little as $400.00.