e.g. Do you start paying at $1 or something like $5000
2006-12-30 14:38:43 · 4 answers · asked by big_a57 2 in Business & Finance ➔ Taxes ➔ United States
If you are an employee, you can have the following income free of federal income tax:
1. Your standard deduction, plus
2. Your personal exemption
If you are single and not a dependent, then the total of 1. and 2. is $8450. You could have this much income and not pay any federal income tax.
Here is a list for other filing statuses:
Single $8,450
65 or older $9,700
Head of Household $10,850
65 or older $12,100
Married Filing Joint $16,900
One spouse 65 or older $17,900
Both spouses 65 or older $18,900
Married Filing Separate $8,450
I have omitted the rules for dependents, they are a little more complicated.
2006-12-30 15:37:25 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
If you work and receive a salary you will usually pay income tax, social security tax and medicare tax. How much will depend on the number of dependents and your deductions at the end of the year. If you want to check for yourself, you can go to the IRS website and check the tax tables for your situation and income. I believe it is www.irs.gov/forms.
2006-12-30 23:30:20 · answer #2 · answered by Flyby 6 · 0⤊ 0⤋
If you're not self-employed, you're paying taxes out of your check from the first dollar. However, depending on your total annual income, you could get it all back.
Withholding is just basically lending money to the government.
2006-12-30 22:47:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The IRS is such a confused mess it really doesn't matter if you pay taxes.
2006-12-30 22:48:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋