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| *Loan,banking and credit>>>income tax |
How much do you have to make before you have to pay federal income taxes? |
e.g. Do you start paying at $1 or something like $5000 If you are an employee, you can have the following income free of federal income tax: 1. Your standard deduction, plus 2. Your personal exemption If you are single and not a dependent, then the total of 1. and 2. is $8450. You could have this much income and not pay any federal income tax. Here is a list for other filing statuses: Single $8,450 65 or older $9,700 Head of Household $10,850 65 or older $12,100 Married Filing Joint $16,900 One spouse 65 or older $17,900 Both spouses 65 or older $18,900 Married Filing Separate $8,450 I have omitted the rules for dependents, they are a little more complicated. If you're not self-employed, you're paying taxes out of your check from the first dollar. However, depending on your total annual income, you could get it all back. Withholding is just basically lending money to the government. The IRS is such a confused mess it really doesn't matter if you pay taxes. If you work and receive a salary you will usually pay income tax, social security tax and medicare tax. How much will depend on the number of dependents and your deductions at the end of the year. If you want to check for yourself, you can go to the IRS website and check the tax tables for your situation and income. I believe it is www.irs.gov/forms. |
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