what is the maximum income for which i do not have to pay taxes?

Question

im a student, making around 5,000 a year over the summer .... do i have to pay taxes ? what is the limit on income before which you have to pay taxes?

Answer 1

$10,000

Answer 2

With income of $5000 a year, if it's from a job and they take out social security and medicare deductions, you won't owe federal income tax even if you are a dependent. The limit for an employee who is a dependent is $5350 for 2007. If you are not a dependent, it's more than that. Federal tax rules are the same no matter what state you live in.

It's possible, depending on where you live, that you might owe state and local income tax.

If the income is from self-employment, then the limit is $400, so you would owe self-employment tax even though you didn't owe federal income tax.

And by the way, I've rarely seen so many wrong anwers to a simple question as you've gotten here so far.

Answer 3

That depends upon your dependency status, filing status, total income, and the source of the income.

Assuming that you are still a dependent, your limit for wages subject to withholding in 2007 is $5,350. For self-employment income it's $400 and for unearned income it's $850.

Answer 4

Hi, Im in Alabama, not sure where you are or if it matters, but its 8,000 a year here before you have to pay taxes.

Answer 5

probably,because your parents will probably claim you on their return, so you lose that exemption - figure about 10% for federal taxes - probably all your income is taxable

Answer 6

it varies from state to state, call a h & r block they could tell you exactly how much for your state

Answer 7

$13,000 average