Do I still pay an income tax?
2007-09-07 20:03:56 · 13 answers · asked by mishmallow8 2 in Business & Finance ➔ Taxes ➔ United States
umemployment is taxable income, and if your taxable income is more than deductions/exemptions, then you will have income tax to pay.
2007-09-07 20:41:51 · answer #1 · answered by Anonymous · 3⤊ 0⤋
You have to pay on any income reported to your ssn in the current year. If the exemption amount for your income is greater than the amount you will get a refund, if it is less they will keep the money. If you didn't already pay on that income (taken out through regular employment payroll or yourself as contract worker or self employed,or by escrow or estate officer if you sold an asset or aquired an inheritance, or an attorney or accountant if you won a prize or lottery) you will need to pay at tax time, even if you are currently unemployed. If you had no reported income during the tax year you will not have to pay.
2007-09-07 21:17:48 · answer #2 · answered by Morgan M 5 · 0⤊ 0⤋
Income tax is to be paid on your income for the year 2007. If you have taxable income, you pay the tax. Even unemployment compensation is taxable.
If you meet the filing requirement and don't file, you will be in trouble. Your tax liabilities will keep on multiplying because of interest and penalties.
2007-09-07 20:44:02 · answer #3 · answered by MukatA 6 · 1⤊ 0⤋
If you have income from unemployment compensation, investments, or other taxable sources, yes.
If you were only unemployed part of the year and worked during another part, you still pay tax for that year.
If you have no income at all for any part of the year, no.
2007-09-08 07:06:58 · answer #4 · answered by StephenWeinstein 7 · 0⤊ 0⤋
Your employment status does not reduce your taxes. Only a reduction in taxable income will reduce your taxes.
If you collect unemployment, that is taxable income on your federal return. Add to that any other sources of income, and if the total is more than the filing requirement, you must file a return.
The filing requirement for a single person who is not a dependent is $8,750.
2007-09-08 00:49:50 · answer #5 · answered by ninasgramma 7 · 1⤊ 0⤋
The Swift Boat tactics aren't working this time around so give it up. Too many people are too informed and catch the lies and distortions instantly. No one in the middle class will be paying higher taxes. Small business are not being taxed. The income is for higher level personal incomes, not businesses.
2016-04-03 10:22:58 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you are receiving unemployment compensation, your benefits are taxable and must be shown on your tax return if you file one. If you don't have income for the year that meets the limits to be required to file for your filing status, then you wouldn't have to file.
2007-09-08 03:04:18 · answer #7 · answered by Judy 7 · 1⤊ 0⤋
It all depends on several factors: the amount of total income which you receive including, interest, dividends, capital gains, unemployment compensation... If you are claiming yourself or someone else is, your state tax code.
Good luck,
2007-09-08 01:09:49 · answer #8 · answered by glaciergizzlybear 2 · 0⤊ 0⤋
Not really; if you have no income, what is there to tax? If you've had income this year, you will have to pay income tax on it in April 2008 (if you made enough), but if you're not working right now, presumably there's nothing to tax.
2007-09-07 20:11:23 · answer #9 · answered by Anonymous · 0⤊ 4⤋
If you have no income, no. If you are collecting unemployment, it will be taxed.
2007-09-07 20:12:40 · answer #10 · answered by Anonymous · 1⤊ 1⤋