what is this years minimum amount of money that you have to pay taxes on.?

Question

federally speaking. i made under $1500 this year. do i have to pay taxes on that?

Answer 1

Probably not. The magic figure I think you are looking for, is $ 8,450., or maybe even a higher gross income figure. The standard deduction for filing status "Single" (the status with the lowest amount of standard deduction), is $ 5,150. And the personal exemption for "Myself" is $ 3,300. These two line items alone reduce taxable income by $ 8,450. This means that they together exempt the first $ 8,450. that you earned last year, from federal income tax. If you earned less than that, you probably are due a refund if you had anything withheld, or if you possibly qualify for one or more of the refundable tax credits. The best thing is to work through the Form 1040 using the instructions and see how much you are owed back, by the IRS. It matters not whether the income was from self-employment or from W-2 employment. In fact, self-employed taxpayers get preferential treatment in terms of the incentives built into the tax code in the form of itemizable deductions, in federal income tax, in contrast to W-2 employees. You will not be taxed higher as a self-employed Schedule C filer, than as an employee. This assumes, in both situations, that 15.3 % SE tax for the self-employed person, and Social Security tax for the W-2 person, were in fact remitted on time throughout the year 2006.

Answer 2

JackN is right only if you were an employee. However if you were self employed and made more than 400 then you will have to file and pay self employment tax

Answer 3

If you were self-employed, yes. If it was all from a job where you had social security deducted and get a W-2, then no.

Answer 4

http://www.taxes.com

Answer 5

what?