I know someone that earns 10000.oo to 12000.00 yearly and does not do income tax yearly.
2007-07-11 11:48:38 · 5 answers · asked by maggie 1 in Business & Finance ➔ Taxes ➔ United States
There are so many variables to answer your question correctly. ie A married couple over 65 years old can earn $18600 and not have to file a return. A single person under 65 earning more than $8,300 would need to file a return. Filing status and exemptions play a role in determining if a taxpayer needs to file a return. Also, even if a person does not need to file a return because they have $-0- tax liability, a return must be filed to get a refund. In 2007, people were filing federal returns for 2006 to receive the telephone tax credit (it was really a rebate) even though they had no tax liability.
Bring back the specifics so I can help you. Or, go to irs.gov and read: Who needs to file.
2007-07-11 12:03:10 · answer #1 · answered by IRENE THE BOOKIE 3 · 0⤊ 0⤋
Yes, it's true, but the amount is fairly low, and varies depending on filing status and whether the person is age 65 or under. If the person you are talking about earns 10-12K a year and is single, they would be required to file, and would probably owe some tax - the limit for 2006 to have to file was $8450. If that's income for a married couple filing a joint return, then no they would not have had to file.
If a person has income from self-employment of $400 or more for the year, they have to file.
2007-07-11 12:15:39 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I know of college students that work in different offices at their college that do not have to do taxes every year. I am not sure of the tax bracket but you could find out from the tax office in your state.
2007-07-11 12:16:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you have taxes taken out of your check, you will want to check and see if you have anything coming back to you. If that someone earns that much, he must have deductions because you will owe taxes easily at that amount.
2007-07-11 19:45:25 · answer #4 · answered by towanda 7 · 0⤊ 0⤋
well, you are half right..
Depending on the number of dependents they have, if they are disabled, and some other factors, some people do not have to pay federal income tax.
HOWEVER, everyone must pay social security and medicare tax. Social Security tax is almost always the largest chunk of a worker's paycheck (7.5%)
Finally, everyone MUST file an income tax return, even if they are not responsible for paying federal income tax.
2007-07-11 12:00:29 · answer #5 · answered by Michael W 3 · 1⤊ 2⤋