I just started working in january, abut I am still a dependant on my dad's tax return. I'm trying to figure out if I have to bite the bullet and start paying taxes :(
2007-03-12 09:58:00 · 8 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you just started working in January 2007, you will not have to file a return until April 15, 2008. Whether or not you must pay will depend upon your total income for the calendar year. If your employer is withholding income tax; you will want to file a return to get a possible refund, even if you do not have a filing requirement (you had less than $400.00 self-employment income, less than $5,150.00 total earned income, and less than $850.00 interest income . . *2006 return figures - could change for 2007). Congratulations on entering the real world.
2007-03-12 12:22:44 · answer #1 · answered by broboca3 2 · 1⤊ 0⤋
If you started working in Jan 2007, you have no 2006 income from this job. The tax return due in April 2007 is for 2006 taxes and probably does not apply to you. If your 2007 income ins more than the standard deduction for single ($5150 in 2006), you will be required to file a tax return next year for the 2007 tax year. If you make less than that, you are still PERMITTED to file a return to claim a refund of Federal income taxes withheld from you pay. If you see Federal income taxes as a deduction on your pay statement, you have already started paying taxes, even if you don't actually owe them yet.
2007-03-12 12:44:50 · answer #2 · answered by STEVEN F 7 · 0⤊ 1⤋
Since you are still being claimed as a dependent, if you have $5,350 or more in wages for 2007 you will have some tax liability. If you are self-employed, you will have to file a return if you have more than $400 in income since you will have to pay your Social Security and Medicare taxes yourself.
2007-03-12 11:29:02 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Probably so - if your income for the year was over $5450 for 2006, or if you had $400 or more income from self-employment, then you'd be required to file.
If you just started working in January 2007, then you're likely to have to file for 2007 but probably not for 2006.
2007-03-12 12:19:40 · answer #4 · answered by Judy 7 · 1⤊ 1⤋
The lowest bracket would be 0 if you are below your deduction amount. If you are over it, it starts at 10%.
Check out the IRS website. It has a lot of good information about filing requirements.
2007-03-12 10:05:38 · answer #5 · answered by R Worth 4 · 1⤊ 1⤋
Samantha you pay 10% on first $8,350 of taxable earnings and 15% on any component over that. your taxable earnings is about: 19,000 (5,seven-hundred) usual deduction (7,three hundred) 2 own exemptions --------- 6,000 you're nevertheless in the ten% tax bracket. that's similar as very last year for you.
2016-12-01 21:43:40 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Just to get some information under your belt.
Go to www.irs.gov, individual, publication 17. This will give you some idea of what is ahead.....or if you will seek a tax professional to take care of your tax account.
Find out what you should have withheld from your paychecks if you are a dependent (or not a dependent)....by completing the withholding calculator. Find out what the requirements of a dependent are.
good luck & bless
2007-03-12 10:12:59 · answer #7 · answered by Wood Smoke ~ Free2Bme! 6 · 1⤊ 2⤋
All income brackets must file, of course you could just have your did file your income on his taxes.
2007-03-12 10:03:03 · answer #8 · answered by moranaand 2 · 0⤊ 4⤋