Not making any money is a good way to avoid income tax! Most folks that go to prison for income tax fraud practice this rather successfully.
2007-08-21 04:17:40
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answer #1
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answered by ? 6
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You must start paying taxes and filing your tax returns. First of all complete your tax return for the year 2006 and file it. Then complete for 2005, and so on. See if the taxes are actually due or not.
For example, for the year 2006 your Standard deduction is $5,150 and exemption deduction (if no one claims you as dependent) is $3,300. Thus if you made up to $8,450, there is no Federal Tax liability. But you have to pay social security and medicare taxes on your total income.
If you are employed, then your employer must be deducting taxes (including social security and medicare) from your paycheck, and you will get W2 for each year. So the chances are you have paid proper social security and medicare taxes and other taxes.
If you are self-employed, then you were supposed to take care of social security and medicare taxes yourself.
2007-08-20 19:33:14
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answer #2
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answered by MukatA 6
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If they catch you, and can prove you had income and didn't report it, then you will spend time in the Federal Penitentiary. A LOT of time.
You need to immediately complete all of your back taxes and pay up before the feds come knocking at your door.
For real.
2007-08-24 15:30:13
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answer #3
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answered by Let me steer you 7
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If you have a job, and your employer is reporting your income, the IRS will find you.
This is another reason why we need the Fair Tax Act. ( H.R. 25) www.fairtax.org
So we can stop turning regular people into criminals.
2007-08-22 05:19:57
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answer #4
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answered by Anonymous
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Well, I hope they are on to you. Why should you reap the benefits of living here without contributing?
2007-08-21 04:36:49
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answer #5
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answered by Judy 7
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keep doing what you are doing, oh and yahoo can read this and give you in. good day sir =]
2007-08-20 17:36:05
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answer #6
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answered by elias 6
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Don't earn wages.
2007-08-20 17:37:25
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answer #7
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answered by Anonymous
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You don't, as you are about to learn. Enjoy!
2007-08-20 21:52:03
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answer #8
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answered by Bostonian In MO 7
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No...just pay it...all will be well...
2007-08-20 17:36:43
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answer #9
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answered by JDGreen 2
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