Does anyone know if there is a certain amount that if you make, you will have to pay federal taxes? I made 9K in 2007 and I haven't been able to find on the IRS website if I have to file to pay. Does anyone know the number and can direct me to a source, so I know whether or not to file?
The reason is because if I do file, I have to pay $345 in federal tax since for some reason my place of work didn't take any federal tax off for a couple of months (I didn't notice this for a while). If I am not required to file taxes at $9,000, I don't want to bother.
Minimum income before you're required to file taxes
Moderators: Bob the Hamster, marionline, SDHawk
-
Only One In All
- Metal Slime
- Posts: 356
- Joined: Tue Oct 16, 2007 5:56 am
- Contact:
-
Bob the Hamster
- Liquid Metal King Slime
- Posts: 7460
- Joined: Tue Oct 16, 2007 2:34 pm
- Location: Hamster Republic (Ontario Enclave)
- Contact:
I found a few sources (mostly yahoo answers posts) that said the minimum is $8750
Section 5 of <a href="http://www.irs.gov/pub/irs-pdf/f1040ez. ... let=3">IRS Form 1040EZ</a> seems to verify this. However, as I read section 6, that doesn't mean you have to pay taxes on all $9000, it means you only have to pay taxes on the amount over $8750
So you actually only have to pay taxes on the last $250 you earned, regardless of the fact that your employer did not do any witholdings. (actually, if they had done withholdings you would *definitely* want to file, because you would be getting almost all of it back.)
Section 5 of <a href="http://www.irs.gov/pub/irs-pdf/f1040ez. ... let=3">IRS Form 1040EZ</a> seems to verify this. However, as I read section 6, that doesn't mean you have to pay taxes on all $9000, it means you only have to pay taxes on the amount over $8750
So you actually only have to pay taxes on the last $250 you earned, regardless of the fact that your employer did not do any witholdings. (actually, if they had done withholdings you would *definitely* want to file, because you would be getting almost all of it back.)
-
Fenrir-Lunaris
- Metal Slime
- Posts: 741
- Joined: Mon Oct 15, 2007 10:45 pm
- Location: OHR Depot
Discounting the ~$600 I made off art commissions, I've "made" USD$ 14088.44 for 2007. Let's find out how much I actually get back in two hours, shall we?
(Goes to tax specialist)
(Goes to tax specialist)
Last edited by Fenrir-Lunaris on Mon Apr 14, 2008 10:53 pm, edited 1 time in total.
To friends long gone, and those I've yet to meet - thank you.
-
Fenrir-Lunaris
- Metal Slime
- Posts: 741
- Joined: Mon Oct 15, 2007 10:45 pm
- Location: OHR Depot
When in doubt, just walk through the 1040EZ.
Doing taxes is seriously the easiest thing in the world.
And yes, you only have to pay on what you make beyond the minimum.
Also, it's usually a good idea to take care of these things earlier than the day before the deadline. I usually get my taxes taken care of within a week of getting my W-2 (or, in 2007's case, W-2s).
Doing taxes is seriously the easiest thing in the world.
And yes, you only have to pay on what you make beyond the minimum.
Also, it's usually a good idea to take care of these things earlier than the day before the deadline. I usually get my taxes taken care of within a week of getting my W-2 (or, in 2007's case, W-2s).
I don't know if this is what happened to you or not LRS, but if you want your employer to take out federal income tax, make sure to tell him that you want zero exemptions from taxes on your pay.
And yeah, the form they're linking to should take care of the whole 'only paying on income over 8750' thing if you follow the directions carefully. While I wouldn't call filing taxes the easiest thing in the world, it really isn't that hard if you're single and have only one job. Having a bank account paying you interest also counts against you.
However, this year regardless of how much you made you should file your return because I'm pretty sure that that is how Bush is going to decide to give you some free money. Now I'm no economist and I try to steer clear of being a standard Bush-hater, but I really don't see the effectiveness of an indebted entity giving money away in the hopes of collected some of it back in taxes. What do they think people will do with the money? Save it to be able to afford gasoline? Oh yeah, Bush has financial interest in the oil companies...
And yeah, the form they're linking to should take care of the whole 'only paying on income over 8750' thing if you follow the directions carefully. While I wouldn't call filing taxes the easiest thing in the world, it really isn't that hard if you're single and have only one job. Having a bank account paying you interest also counts against you.
However, this year regardless of how much you made you should file your return because I'm pretty sure that that is how Bush is going to decide to give you some free money. Now I'm no economist and I try to steer clear of being a standard Bush-hater, but I really don't see the effectiveness of an indebted entity giving money away in the hopes of collected some of it back in taxes. What do they think people will do with the money? Save it to be able to afford gasoline? Oh yeah, Bush has financial interest in the oil companies...
I am Srime