Is it true that if you put nothing into Fed. taxes through out the year~ you will have to pay?

Question

Are there any circumstances that make this "ok"? Ie; large family, 12k less income made than the year prior, etc

Answer 1

You'll have to file regardless. If you do the figures on the tax forms and you owe, then you owe.

Answer 2

if you are stating that you made $12,000 less than the previous year and have a large family, you still are saying that you made money this year.

gee, i am a business owner and entirely independent contractor. therefore, no employer takes taxes out of my checks. being a business owner helps me somewhat because i can write off losses against income, or i can depreciate assets, or i can write off legitimate business expenses. that doesn't mean that i do not pay taxes. that does not mean that i do not file an income tax return just because no federal taxes were withdrawn over the year by an employer. i AM my own employer.

you have to pay taxes on money that you earn. how much you pay depends on many factors, and the only way you will see what you owe in federal taxes, if any, is to write out an income tax return form.

one thing i hope you did not do, and that nobody does, is to have declared to your employer that you had more exemptions than is true. you will get a big kick in your fanny when you learn how much uncle sam will take back from you on that one.

Answer 3

if you make under 8,000 for one Exemption than you do not have to pay fed taxes. as long as you earn less than all your deductions you can claim exempt on your W-4 with your employer and be ok
the exact wording is
1 last year I had a right to a refund of ALL federal income tax withheld because I had no tax liability and 2. this year I expect a refund of All federal income tax withheld becasue I expect to have no tax liablity
that is a fancy way of saying I do not expect to earn more money than what I am allowed to deduct.
A large married family lets say mom dad and 3 kids. needs to make more than 490.00 a week before it is taxable at the Fed level if you claim married with 5 exemptions

Answer 4

If you earn money then you have to pay taxes on it. If your employer doesn't take out those taxes during the year then you have to pay for that year by April 15. There are federal taxes, and some places have state taxes, and I think in some places there is even a city tax you must pay.

Answer 5

You won't necessarily have to pay. Many working people don't owe any taxes by the time their deductions, exemptions and credits are calculated. If you don't owe anything, then it's OK to have nothing withheld. Otherwise, you have to pay.

Answer 6

If they do not take out the fed. withholding then yes you will have to pay taxes. However if you have dependents then there is a chance that you might not pay or you will pay less than you would normally pay.