or is this not even possible?
2007-06-15 10:32:39 · 11 answers · asked by superchau88 2 in Business & Finance ➔ Taxes ➔ United States
All money paid on paychecks is reported to the IRS. There is a limit on income, that if you fall below that limit, you don't have to file a return. If you had any tax taken out of your pay, you would want to file a return anyway to get that money back.
2007-06-15 10:38:29 · answer #1 · answered by Brian G 6 · 0⤊ 0⤋
It depends on your filing status. If you're single, and not a dependent of someone else, for 2006 you could make up to $8450 (total from all sources) and not have to file a tax return or owe any taxes. The number for 2007 is a little higher than that. If you're married filing a joint return, the limit is higher.
Even if your income is below the limit to have to file, you should still file a return if anything was withheld for federal income tax, since filing a return is the only way to get it refunded to you.
If you have more than one job, and one of them is under the above limit, you still have to show it on your tax return if your total income from all jobs, plus any other taxable income like interest, is over the limit.
2007-06-15 10:56:02 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
All wages are subject to taxation, there are some exclusions, but not when it comes to paychecks. Exclude-able income comes in the shape of standard deductions and exemptions on the tax return, but all income that you receive on your paycheck is reported to the IRS at the end of every year. So if you don't report it, they know you didn't and you will receive a letter from them telling you about the interest and penalties you have incurred besides the taxes you owe.
2007-06-15 12:52:03 · answer #3 · answered by Time will Tell 1 · 0⤊ 2⤋
Depends upon your filing status and the source of the income. If you're a Single filer and not a dependent of another taxpayer, the magic number for wages in 2007 is $8,750.
2007-06-15 11:07:35 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Assuming you're not a dependant of someone else.
If you're single and under 65 you can have gross income of 8450 without having a filing requirement.
If you're married and both of you are under 65 gross income can be 16,900.
Head of household 10,850
These are 2006 Numbers they will likely be slightly hire in 2007.
2007-06-15 11:47:58 · answer #5 · answered by Jerry 3 · 1⤊ 0⤋
It's not possible. You have to report *any* income you make. And you have to file an income tax return even if you don't owe any tax or are not owed a refund.
2007-06-15 10:36:45 · answer #6 · answered by Kathryn 6 · 0⤊ 2⤋
If you are a W-2 employee, it will always be reported. However, if your annual pay falls below the level for personal exemption, then you are not required to file a return - although you would miss a tax return.
2007-06-15 10:36:55 · answer #7 · answered by ForensicAccountant 4 · 1⤊ 2⤋
If you are paid as a contractor, and an individual company pays you less than $600 in a given year, they are not required to report it (via 1099) to the IRS.
Anything over that must be reported by them, so it will have to be reported by you.
2007-06-15 12:30:13 · answer #8 · answered by Britney 1 · 0⤊ 2⤋
You have to report all income on your income tax returns regardless of the source of the income.
2007-06-15 11:11:41 · answer #9 · answered by Steve 6 · 0⤊ 3⤋
You have to report it all because it is included in your w-2
2007-06-15 12:47:32 · answer #10 · answered by rec girl 4 · 0⤊ 3⤋