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| *Loan,banking and credit>>>child tax |
I heard that if a family has 8 or more children all living at home, the family is exempt from federal taxes? |
ANY TRUTH?? If all 8 children are 18 and younger or a full-time student 24 or younger, the family would not be held accountable for taxes up to a gross income of $42,000 because each person 8 + 2 parents receives a $3200 personal deduction and atleast $10,000, standard deduction for the married couple. Everything beyond that is fair game. But no... definitely NOT EXEMPT from federal taxes. Not automatically. It depends on the family's income range. Each additional dependant equals one more exemption from taxes, which means more money you can earn before the government starts taking their share. But if your salary is high enough, you can have 20 dependants and still pay taxes. You can calculate your taxes at the IRS link below. Type in your salary and the number of dependants, fill in a few other lines, and you'll have a good estimate in minutes! http://www.irs.gov/individuals/article/0... Not necessarily true. You may be confusing this with being exempt from federal and state income tax withholding from your paycheck. You heard wrong. No. Never listen to people talking that kind of nonsense. The size of the family does not garner any special tax status. However, the odds are that there are no income taxes due because of the size of the family since there are so many personal exemptions allowed. |
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