| Speak Up! Topics |
 |
| (61) |
| (5) |
| (6) |
| (5) |
| (4) |
| (44) |
| (25) |
| (187) |
| (67) |
| (219) |
| (23) |
| (17) |
| (91) |
| (15) |
| (16) |
| (15) |
| (378) |
| (118) |
| (31) |
| (34) |
| (8) |
| (87) |
| (6) |
| (107) |
| (24) |
|
|
 |
Speak Up! - View Question #21096 |
 printer friendly version
Question: i was told by a friend that if you make less than $7800 a year you are exempt from taxes is this true
Answer: It isn't quite that easy - according to the IRS website, if your taxable income is $0 to $7,500 your tax is 10% of the amount above $0 - "Taxable Income" is the key phrase here: The IRS allows for deductions which are explained on yearly tax forms & publications. This link is to the IRS tax chart- http://www.irs.gov/formspubs/article/0,,id=150856,00.html
|
|
| Comments |
| 1 thru 1 of 1 comments |
[ 1 ]
|
|
On 08/01/06
Nico from AZ said:
If you look closely at your W-4 form, read line #7. It says (a) I did not owe federal income tax last year AND (b) I do not expect to owe federal income tax this year , then enter exempt. What this means is if you are not making enough money i.e. part time job , summer job , or working for minumum wage, you will probably not be making enough income for the government to keep any of it. After all, we the "little people "should not be considered a savings and loan source by the government. If in doubt just ask the IRS, even though they are often reluctant to admit it it is in most cases true.
|
| 1 thru 1 of 1 comments |
[ 1 ]
|
|
|
|
| Read more about the law and Work and Employment |
|
|
