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| *Loan,banking and credit>>>income tax |
Is there a set income to pay federal taxes? |
Is there a set income to pay federal taxes? Yes there are!! Income is subject to "income tax" and you must file a tax return when that income exceeds your personal exemption(s) plus your standard deduction, unless you are self employed in which case you must file if you income exceeds $400. If you are a "church employee" you must file if your income exceeds $108.28. If you are the dependent of someone and have income you must file at different levels which are determined by the amount of unearned income (interest, etc.) you have. For a single person the total income is $800 if the unearned income is over $250 or $5,000 if the unearned income is less than $250, unless your are blind in which case the income levels are $2,050 and $6250 respectively. (2005 figures which will increase a bit for 2006) Even though you are required to file a return you may not be required to pay income taxes if your deductions, adjustments and credits reduce your "taxable income to zero. You must pay other types of Federal taxes such as Social Security and Medicare at any income level for wages and in excess of $400 if self employed or $108.28 if a "church employee". Earned income is subject to social security (FICA) taxes from the first dollar. Total income is subject to income tax when it exceeds your personal exemption + the larger of your standard or itemized deductions. The amount of your standard deduction depends on you filing status and whether someone else can claim you as a dependent. Short answer: NO. There are filing requirement limits based on your filing status, age and gross income for the year. For example, a single person under age 65 is required to file a tax return if that person's gross income was at least $8,200. You may check IRS Publication 17 for filing requirements for most taxpayers. No, there is no law stating that you even have to pay income taxes at all. Call the IRS and ask them to give you the specific law. They will give you no answer. http://video.google.com/videoplay?docid=... your answer is here: http://www.irs.gov/faqs/faq2.html... |
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