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Q&A: How much do I have to make before paying federal income tax?

February 22, 2012 By 2 Comments
Income Tax
by kmf164

Question by beast soldier: How much do I have to make before paying federal income tax?
I recently started my job and have made about $ 700 or so. My employer is yet to withhold federal income tax and I was wondering what the cut off for having to report income and pay income tax was?
EDIT: I’m a dependent. On the W4 form (I believe that’s what it was), the only thing I put a number next to was that I was single and this was my only job.

Best answer:

Answer by Bash Limpbutt’s Oozing Cyst©
Depends upon your filing status and the source of your income.

If you are single, cannot be claimed as a dependent, and you income is wages from a job, the magic number is $ 9,350 for 2009 and 2010. If your wages are such that you will earn less than that in a year, little if any Federal income tax will be withheld.

See IRS Pub 501 http://www.irs.gov/pub/irs-pdf/p501.pdf for full information on filing requirements.

What do you think? Answer below!

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Cool Income Tax images

February 20, 2012 By Leave a Comment

Check out these Income Tax images:

Games: Monopoly Income Tax
Income Tax

Image by rosefirerising

Liberty Income Tax Man Statue
Income Tax

Image by emshin
something funny I saw when I was driving

MLK Income Tax Yellow Flags
Income Tax

Image by Infrogmation
Martin Luther King Day parade, New Orleans

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More Fox News Bias for Rich on Bush Tax Cuts?

February 19, 2012 By 50 Comments

130+ MORE examples of Fox News Bias at www.youtube.com When President Barack Obama held a news conference last Friday, the coverage from Fox News contributor Karl Rove and Fox News anchors Martha MacCallum and Brett Baier heavily spun the numbers on the expiring Bush tax cuts for the rich to exaggerate their impact on “small businesses” as I show in this video. The clip I use of President Obama’s September 10, 2010, press conference comes from the public domain video on the whitehouse’s YouTube channel at www.youtube.com The clips I use of Karl Rove and Martha MacCallum come from a segment on the Fox News program “America’s Newsroom” broadcast September 10, 2010 (which I have not found online) The clip I use of Bret Baier comes from a segment on the Fox News program “Happening Now” broadcast September 10, 2010 (which I have not found online) The images I use of my August 2010 video titled “Worst Fox News Poll Spin Promoting Bush Tax Cuts for the Rich?” comes from my own YouTube video player page at www.youtube.com The image I use of the chart titled “Distribution of Business Income by Statutory Marginal Tax Rate, 2011 Baseline: Current Policy Plus Administration’s Upper-Income Tax Proposals” comes from the Tax Policy Center page at www.taxpolicycenter.org And, finally, the image I use of Derek Thompson’s blog entry titled “The Facts About Small Business and the Bush Tax Cut” comes from The Atlantic page at www.theatlantic.com

It’s a secret that every Republican President since Ronald Reagan didn’t want us to know.
Video Rating: 4 / 5

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February 17, 2012 By Leave a Comment

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What is the specific law that established a personal income tax in the USA?

February 17, 2012 By 3 Comments

Question by Uncle Pennybags: What is the specific law that established a personal income tax in the USA?
‘m tired of these idiots saying there is no law behind the personal income tax in the USA.

Can anyone point me to the initial law that establishes a personal income tax in the USA after the 16th Amendment was ratified?
I was really hoping for the text of the initial (first) congressional legislation passed, establishing the personal income tax.

Best answer:

Answer by v b
http://www.irs.gov/taxpros/article/0,,id=159932,00.html

Give your answer to this question below!

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Where can I find the Local Income tax tables for every state?

February 16, 2012 By 2 Comments

Question by razorrazing: Where can I find the Local Income tax tables for every state?
I am in need of a website that index all of the current local income tax tables (The percentage of someone’s income that they pay for local taxes). Many counties in a state require a small percentage (less than 1% of their income taxed on a local level.

I found the one for Indiana:

http://www.purdue.edu/taxes/pdf/ctytax706pg2.pdf

I need something like that for each state

Thanks!

Best answer:

Answer by Meuy V
Try to go to www.irs.gov. I usually find all the answers I have when it comes to taxes on that website.

Give your answer to this question below!

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On my income tax can I be reimbursed for paying taxes at the store?

February 15, 2012 By 4 Comments
Income Tax
by kmf164

Question by : On my income tax can I be reimbursed for paying taxes at the store?
I had recently heard someone say that if you buy, let’s say, $ 30 worth of food from the store that you can keep your receipt from the sale and be refunded the taxes charged on your income tax. Does anyone know if this is true or not?

Best answer:

Answer by ocularnervosa
That’s not true because the tax at the store is a sales tax and separate from income tax.

Know better? Leave your own answer in the comments!

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Nice Income Tax photos

February 14, 2012 By Leave a Comment

Some cool Income Tax images:

Federal Income Tax
Income Tax

Image by Lester Public Library

Ron Paul supporter at Minnesota Tea Party 2011 tax day protest
Income Tax

Image by Fibonacci Blue
St. Paul, Minnesota

April 16, 2011

There was a Tea Party protest of about 200 people at the Minnesota capitol a couple days before US income tax forms are required to be filed. Protesters call for smaller government and the repeal of the health care law enacted in March, 2010.

2011-04-16 This is licensed under a Creative Commons Attribution License.

Liberty Income Tax
Income Tax

Image by drewcipher
Some cruel person has a wicked sense of humor.

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George Harrison – When We Was Fab – HQ – Remastered

February 12, 2012 By 22 Comments

Back then long time ago when grass was green Woke up in a daze Arrived like stangers in the night Fab – long time ago when we was fab Fab – back when income tax was all we had Caresses fleeced you in the morning light Casualties at dawn And we did it all Fab – long time ago when we was fab Fab – you are my world you are my only love And while you’re in this world The fuzz gonna come and claim you But you mo better wise When the buzz gonna come and take you away Take you away Take you away The microscopes that magnified the tears Studied warts and all Still the life flows on and on Fab – long time ago when we was fab Fab – but It’s All Over Now Baby Blue Fab – long time ago when we was fab Fab – like this pullover you sent to me Fab And You’ve Really Got A Hold Me Fab – long time ago when we was fab
Video Rating: 4 / 5

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How Do I Best Report Lesson Fees on My Income Tax?

February 10, 2012 By Leave a Comment

Question by Hu S: How Do I Best Report Lesson Fees on My Income Tax?
I have about $ 2,000 in lesson fees in addition to my spouse’s income.

Is filing Schedule C the best way? Or, is there a better way?

I heard some cities (like San Jose) charge additional city business tax and the tax can be pretty steep ($ 600). Do I have to ‘declare’ the business w/ the city and pay this tax? Any exemptions on this?

Best answer:

Answer by v b
It has to go on either a schedule C or a schedule C-EZ. It is *not* “other income” because she worked for it and owes $ 283 in self-employment taxes.

Know better? Leave your own answer in the comments!

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