For a single person with no dependents
2007-08-20 07:50:31 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you cannot be claimed by anyone else as a dependent, then you usually can claim yourself as a dependent, and it is the sum of the exemption for yourself (approximately 3000) and either your itemized deductions or the standard deduction (approximately 5000 probably, more if blind or a senior citizen). Otherwise, you have no exemptions, so either your itemized deductions or the standard deduction (which can be much less if someone else can claim you as a dependent; this is mainly a problem for children for large amounts of investment income from their college savings). The exact figures vary from year to year. Look at Form 1040-ES at www.irs.gov for the current year.
2007-08-20 07:58:00 · answer #1 · answered by StephenWeinstein 7 · 0⤊ 1⤋
From self-employment, $399 - if you make $400 or more, you have to file.
From a job as an employee, $8750 unless you are a dependent, then it's $5350.
Those are the limits for being required to file a return. Depending on a lot of factors, it's possible that you still might not owe any taxes.
2007-08-20 15:15:34 · answer #2 · answered by Judy 7 · 1⤊ 0⤋