I wanna know if I need to pay income tax if I earn less than 30K/year?

Question

I'm working as a belt boy in an hotel and I also receive tips

Answer 1

If you're single and don't itemize than most definitely. If you are single and under 65, you would have a tax liability if you make more than $8,750 in 2007 ($5,350 standard deduction + $3,400 personal exemption). And if you are working for yourself (self-employed) in the hotel as a belt boy rather than getting a paycheck from the hotel you'd have to pay self-employment tax if your net profit from being a belt boy is over $400. Oh, and tips are also taxable as well.

Answer 2

Of course! The filing requirement amount for a Single taxpayer is $8,750 for 2007. Also, the tips are fully taxable as ordinary income. Make sure that you report them accurately to your employer. Unreported tip income is a high-interest item with the IRS and an audit (eventually) is likely if you work in the service industry as you do.

Answer 3

Yes, you have to file, and probably will owe tax unless you have several dependent children. The limit for not having to file and pay tax are MUCH lower than what you make.

Your tips are taxable income. You should be reporting them to your employer, but if you aren't, you still need to report them on your tax return.

Answer 4

What is a "belt" boy?

You are way over the filing requirement so, yes you need to file are return.

Answer 5

Technically, if you're on a payroll you're already paying taxes. If you make less than 30K a year, chances are you'll receive a refund when you file.

Answer 6

That depends on your withholding, other income (tips are taxable), other deductions, marital status etc.

Answer 7

You have to file your income taxes regardless of the amount you make.

Answer 8

yes

Answer 9

yes

Answer 10

yes and should depending on you deduction you could get money back