what amount of money to file taxes?

Question

what amount of money do i have to earn as a single without dependants or being claimed as a dependant so i wont have to file...and what do i put in the form given from my employer in order for that money not to be taken off my paycheck

Answer 1

A single taxpayer under age 66 who is not the dependent of another taxpayer must file a return if they have more than $8,750 in income from wages subject to withholding or more than $850 in unearned income or more than $400 in self-employment income.

If you're working full time at a minimum wage job you make too much money to claim exempt from withholding so there's nothing legally that you can put on your Form W-4 to prevent taxes from being withheld.

Regardless of what your income tax liability is, your employer will ALWAYS withhold Social Security tax at 6.2% of the first $97,500 in annual wages (2007 rate) and Medicare tax at 1.45% of all wages.

Answer 2

If you are earning money as an employee, the limit is $8750 for 2007 - if you earn less than that, then you don't have to file or pay federal income taxes. You'll still have to pay social security and medicare though, and depending on where you live, might owe state and/or local income taxes. Since when you fill out and sign your W-4 you are declaring under penalty of perjury that you have filled it out honestly to the best of your knowledge, it's best to fill it out as single/one allowance to avoid penalties.

If you do not expect to owe any taxes for the current year (will make under $8750) and had no tax liability for 2006 either, you can claim "exempt" on your W-4 and they won't withhold income tax.

If you are self-employed, you have to file and pay taxes if you make $400 or more.