Is it, or is it not true that one is not required to pay federal taxes untill they have reached a set dollar ammount of income per year? Such as $3000 or $5000 dollars.
If so, what is the exact ammount? Where can I find the information?
2007-05-21 15:21:04 · 3 answers · asked by Daniel S 1 in Business & Finance ➔ Taxes ➔ United States
Yes, that's true. The limit depends on the source of the income, and on your filing status and whether you are a dependent or not.
If you have over $400 self-employment income, you have to file. Otherwise in 2006 if you were single and a dependent, the limit was $5150, single and not a dependent, $8450. There are other limits for other filing statuses. The amounts for many statuses change a little bit each year. You can find the information in the instructions for the various versions of 1040 or in Publication 17 - you can download these at irs.gov
2007-05-21 15:33:24 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You can call the IRS, or a tax attorney. The tax you owe has nothing to do with a set income, payments are due when you file, unless it is a large amount, you can set up A payment plan with the IRS
2007-05-21 15:31:10 · answer #2 · answered by smerten 3 · 0⤊ 0⤋
Check the link below.
2007-05-21 15:29:27 · answer #3 · answered by TaxGuru 4 · 0⤊ 0⤋