W-2, does it matter how much money you earned at your job?

Question

Why do you have to pay taxes? Is it if you only earned a certain amount of money before you file W-2? What is a W-2?

Answer 1

You receive a W-2 form from each employer, in January. This shows your salary, taxes paid, etc. for the preceding year. Taxes can be paid or not, depending on whether you want to obey or break the law. There are Federal, state &/or city taxes, the latter two apply, depending on where you reside. Your income level affects your tax liability. Everyone has to file, but, not everyone has to pay. Some people receive refunds. For tax rates, income levels, etc. visit your state website and go to:www.irs.gov for Federal information. [Federal & state forms can be obtained from any library.]