My income to this point is about 74,000 gross, can I avoid the next tax bracket, or can I claim head of house?

Question

I get paid by the hour, my company may allow me to hold my time for december until next year, but I am not sure if that is leagal.

I will also be taking the standard return, because I do not have enough to itemize my return

I am not sure what head of house means, or if I was correctly informed about the next tax bracket being 77,100. can anyone correct me if I have been misinformed

Answer 1

I think, if you turn it a quarter notch to the left, it should not squeak anymore. =D Hope this helps.

Answer 2

If you are single, the 28% bracket starts at $74,200 taxable income - that's after subtracting adjustments, standard deduction of $5300, and your $3400 exemption from your gross income. But "going into the next bracket" doesn't affect the tax charged on any income below that limit, the higher rate is only applied to the amount of your taxable income that is over the limit - taxes on the rest are the same as they would have been anyway.

Unless you have a closely related person as a dependent, like a dependent child living with you, you are NOT head of household for tax purposes.

Answer 3

Make as much money as possible....you can not come out behind!! Your company will not "hold" hours until next year if they are smart. They could be turned in to the state employment agency if they did.

If you do go over the next tax bracket, only the amount over the bracket is taxed at the higher rate; not all of your income.

Head of household means that you are supporting someone else (ie child, parent, etc.) in your home.

Answer 4

To answer one of your questions:

To claim Head of Household, you must be either single or "considered unmarried," pay more than half the expenses of maintaining the household for the year, and have a "qualifying person" live with you for at least half the year.

You are "considered unmarried" if you file your own individual tax return, pay more than half the expense of maintaining the home, did not live with your spouse at any time during the last six months, your home was the main home of your child, and you claim the child as your dependent.

Your "qualifying child" is a child, stepchild, foster child, or adopted child that lived with you.

Answer 5

Federal earnings tax brackets are consistently in accordance with taxable earnings. the different element you should comprehend is in case you fall right into a larger tax bracket, it does no longer make all of your taxable earnings taxed on the better fee. fairly, purely the earnings above the minimum quantity for that bracket is taxed on the better fee. as an get jointly: A married couple filing jointly with taxable earnings of $sixty seven,900 or extra is contained in the 25% tax bracket, yet they do no longer pay 25% tax on their earnings. fairly they pay 10% on the first $16,seven-hundred of taxable earnings, 15% on the quantity between $16,seven-hundred and $sixty seven,900, and purely pay the 25% on the quantity over $sixty seven,900.

Answer 6

Head of Household means if you maintain a home and are claiming a qualified dependent who lives with you. It doesn't sound like you are eligible for this status.