2007-06-15 16:35:17 · 3 answers · asked by Richie M 1 in Business & Finance ➔ Taxes ➔ United States
If you're talking about income tax, you fill out a tax return and see what the number is down at the end of it.
2007-06-16 04:04:56 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You need to give us some more specifics in order to answer your question properly.
What kind and how much income will you earn?
If you are self employed and your net income, income after expenses, exceeds $400 you will owe self employment taxes that include social security and medicare. If you are an employee and you've earned more than $8450 in 2006, you will owe tax. This is also assuming you are single with no dependents. If you distributed money from your IRA or 401K and you are not 59.5 years or older, you may owe taxes in the form of a 10% penalty.
There are many variables at play, you need to be more specific.
2007-06-16 11:04:59 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If your income was less than $5000 for the year, you don't have to file federal income taxes. But don't worry, if you owe taxes, the IRS will be more than happy to let you know about it.
2007-06-15 23:41:42 · answer #3 · answered by Thomas E 2 · 0⤊ 0⤋