I have currently made 7,600 this year, and therefore do not need to file for taxes. I am being offered an extension at my work to make an additional 3k. But then I will pass the $8,450 threshold and have to pay taxes. Should I work and make the additional 3k, or will I lose more to taxes??
2007-12-05 08:33:40 · 4 answers · asked by Paps 1 in Business & Finance ➔ Taxes ➔ United States
Take it. If your total income is $10,600, your federal income tax if you are single and not a dependent and don't have any dependents will be around $185, so it won't take a big bite out of the extra $3000. You will of course pay social security and medicare on the additional $3000 just like on your original amount.
It doesn't change that the first $8750 isn't taxed. You'll only pay tax on the amount you earn over that.
2007-12-05 09:02:12 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
You paid into taxes, you may get them back. Of course take the additional money.
2007-12-05 08:40:06 · answer #2 · answered by hirebookkeeper 6 · 1⤊ 0⤋
in case you're below 24, FAFSA remains going to handle you as a based. this is authentic whether you're making sufficient money to assist your self--in case you're below 24, the IRS would not look at earnings. The IRS seems at whether or no longer you supported your self. To prepare this you may ought to fill out the help try worksheet in ebook 501. This is composed of the fee of residing below your be sure's roof.
2016-10-19 07:25:49 · answer #3 · answered by derverger 4 · 0⤊ 0⤋
Never....never...never turn down money!
Take the money....pay the taxes.
2007-12-05 08:49:06 · answer #4 · answered by Wayne Z 7 · 1⤊ 0⤋