2007-04-26 14:20:27 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
after $600....everything's taxed.....
the "not so fair" tax.....
vote for the Fair tax plan!!!
http://www.fairtax.org
2007-04-26 15:35:32 · answer #1 · answered by Rmprrmbouncer 5 · 0⤊ 2⤋
Yes. It varies based upon a number of factors. Your age, filing status, the source of your income and whether or not you can be claimed as a dependent by another taxpayer all factor into the equation.
For example, if you are a single taxpayer, under age 65 and are not claimed as a dependent by another taxpayer, you would have to file a Federal return for 2006 if your income from wages was $8,450 or more, or if your income from self-employment was $400 or more, or if your unearned income was $850 or more. If you are married, over 65, blind, or can be claimed as a dependent by another taxpayer, other limits will apply for wages or unearned income.
Even if you don't have to file a return, if income tax was withheld from your wages AND/OR if you are eligible for the Earned Income Tax Credit you should file a return to get the money due to you.
See IRS Pub 501 for a full discussion on the filing amount limits.
I knew there was a reason why I never went to JH to have my taxes done! Now everyone else knows why! (His answer sucks.)
2007-04-26 23:14:03 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you live in the USA, then the IRS is tracking everything you make over $600 in the year. However, no matter how much or how little you make, if you had taxes withheld from your pay, you should file because you may be due a refund. In certain specific situations, you can get back much more than the amount of the taxes withheld from you.
2007-04-26 21:32:11 · answer #3 · answered by Anonymous · 0⤊ 2⤋
You have to make a certain amount of money to OWE taxes, but you can file for any amount earned. The main reason you would file if you don't meet the minimum income to owe taxes is to get a refund of any withholding that was taken from your paycheck.
2007-04-26 21:30:09 · answer #4 · answered by Brian G 6 · 1⤊ 1⤋
Call 1-800-829-1040 for any information you need on Federal income taxes, they are trained to answer this type of question.
2007-04-27 21:03:46 · answer #5 · answered by Ms. Angel.. 7 · 0⤊ 0⤋
The threshhold for state taxes can be quite low. You may not have any tax liabilities on your federal return, but if your state has a relatively simple tax rate (eg. no exemptions), you may still owe state taxes.
2007-04-26 22:24:00 · answer #6 · answered by astatine 5 · 0⤊ 0⤋
It all depends on where you live. In Canada you have to file any money you make in the year.
2007-04-26 21:25:51 · answer #7 · answered by Anonymous · 0⤊ 1⤋
You should file anyway regardless of what was earned but the IRS tracks anything over $600
2007-04-26 21:25:04 · answer #8 · answered by masta blasta 2 · 0⤊ 3⤋
yes
2007-04-26 22:54:40 · answer #9 · answered by Jo Blo 6 · 0⤊ 0⤋