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i have 10 children total,1-8yr old daughter with downes,all home or privately schooled,not accepting any financial support from our gov.wondering if it is right that i have to pay approx.4000.00 to taxes

2007-11-05 23:52:12 · 6 answers · asked by j_walshjr 1 in Business & Finance Taxes United States

6 answers

If your gross pay is $56,000, you won't owe $4000 in taxes.

The way you word your question, I wonder if your net (after deductions/exemptions) is $56K. If yes, then $4000 seems reasonable because your gross has to be close to 6 figures.

Or, are you self-employed and you are counting your SE taxes (social security?), with your social security it doesn't matter how many kids you have.

We would need more info to tell you if this is "right" or not.

But, I can tell you that even though you state you are "not accepting financial support" yet you want to get out of paying taxes, then you ARE accepting financial support. Your taxes are already discounted based on your big family. Why is it fair that I would have to pay many times that $4000 if our incomes were the same because I choose NOT to have 10 kids? That is not fair.

2007-11-06 00:12:32 · answer #1 · answered by Gem 7 · 1 0

You don't give your filing status, but no, you shouldn't be paying that much tax with 10 dependent children. In fact, if at least four of them are under age 17, the child tax credit should wipe out any federal income tax that you owe. The additional child tax credit will very possibly result in your getting a refund more than any amount you had withheld for federal income tax.

If you're talking about social security and medicare, yes everyone pays that no matter what their family status is, but it gives you protection if you become disabled and also provides retirement benefits.

2007-11-06 02:34:04 · answer #2 · answered by Judy 7 · 0 0

If you are a single taxpayer filing as Head of Household your first $41,550 isn't subject to Federal income tax. Your Federal tax on the remaining would be $1,607.50 if you don't itemize deductions. If you do, your liability may be less. If you're married filing jointly, your tax liability would be about $790.00 or less if you itemized.

You'll also pay $4,284 in FICA taxes. There is no way around those.

You may also have state income taxes to pay.

You probably qualify for the Additional Child Tax Credit, which will reduce your tax liability quite a bit, probalby below $0. That's a refundable credit so you would get that refunded to you.

There are no deductions for home or private schooling.

2007-11-06 00:12:37 · answer #3 · answered by Bostonian In MO 7 · 1 0

With $56,000 in wages you would owe $4,348.40 in social security and medicare taxes. The number of children you have would not affect this. Because of child credits you would owe no income tax.

2007-11-06 01:30:14 · answer #4 · answered by Anonymous · 0 0

You have to pay taxes based on your income. But then you are refunded some of what you pay based on deductions, such as your children. You can deduct some of your child's medical expenses if they exceed a certain percentage of your income.

2007-11-05 23:57:19 · answer #5 · answered by sahel578 5 · 0 0

how many exemptions do you claim on your W4?

2007-11-06 00:00:54 · answer #6 · answered by brandonlahman 4 · 0 1

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