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sammyT | 40% of americans don't pay income tax? |
Ive heard the Stat that 40% of Americans don't pay income tax? Is this true? And why, doest everyone making 8,000 and under per year pay 10%??? |
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Adriana
 |
OK this is what happens.
When you get paid, you pay taxes every time. These are called payroll taxes. Those payroll taxes have 2 components: federal income tax and federal insurance contribution act tax (FICA).
Now when you file your return, the total amount of taxes that you pay will depend on your salary and the "tax credits" and "tax discounts" you can get.
So when you make 8,000 per year, there is a certain amount that you are due to pay. However, you can get a tax credit if you have kids, if you are the head of a household, etc, etc. So if your tax credits equal the tax you have to pay, then in the end you won't pay any taxes. There are times where the amounts of (refundable) credits is higher than the taxes due, so you might end up not only not paying taxes, but receiving some money from the government.
Now, the FICA everyone pays and people don't get credit for it. Obama's plan is to generate a tax credit system that will cut the FICA taxes for everyone. But no one will receive a "check" for their FICA taxes. They will just pay less.
I hope this helps. |
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Russ B
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If, your single and don't make more than $8750 you don't owe any tax.
If your married with no children and filing joint that number jumps to $17,500.
But, if your married and have two children under 17 that number jumps to $42,850. The math;
42,850 - 10,700 (standard deduction) - 13,600 (personal exemptions) = 18,550 (taxable income). The tax on 18,550 (MFJ) is 1,996 subtract the 2,000 i(child tax credit) and you don't owe anything.
Hope this helps. |
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Clark Kent
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No, you do not pay tax if your income is $8000. A lot of people who pay no tax get an earned income credit which gives them a refund even if they paid nothing.
Only a child who is claimed as a dependent by his parents would pay tax on an income of $ 8000.
Some people making $30,000 get the earned income credit that is higher than the amount of tax they have withheld, so they might pay in $1000 and get a $2000 refund. |
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bostonianinmo
 |
It's true for the most part, at least at the Federal level. A single taxpayer who is not a dependent pays $0 in income tax if their income is less than $8,950 for 2008.
The amount of tax you pay is based upon your income, filing status, number of exemptions, amount of itemized deductions, etc. For example, a couple filing a joint return who have 2 children under age 17 as of the end of the tax year will not pay ANY net Federal income tax until their income exceeds a bit over $40k per year.
Everyone pays 7.65% FICA and Medicare tax on the first $102k of EARNED income each year and then $1.45% on the excess over that for 2008. But that's not the same as INCOME tax.
At the State level, the amounts are all over the chart. Most States start taxing income at a much lower level than the Federal government does, but all States with an income tax have MUCH lower rates than the Feds do. I do many returns that show $0 Federal income tax liability but several hundred dollars or more in State income tax liability. |
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Judy1
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Yes, it's true - many people don't make enough to pay taxes. For example, a married couple with 2 kids gets the first $24,900 tax free, and in fact if they make that much would get a large Earned Income Credit so they not only wouldn't pay any income tax, they'd get a check for over $3000.
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aaanativearts
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That sounds like a believable statistic.People on Social Security who don't have other income usually don't have to pay taxes. Nearly 50% of Americans are over 65.
On many indian reservations the median income per year is only $3500. In some areas on reservations, (and many rural areas off reservations) unemployment is up to 80%. People who draw welfare or other forms of state aid as their primary support don't pay income taxes.
I think last year you didn't have to file a tax return if you made less than $7500, unless you had a refund coming.
People in state custody, such as mental institutions and prisons, don't have jobs, so they don't pay taxes.
People in nursing homes and handicapped adults cared for by family members don't have taxable income.
Children usually don't earn enough to be required to pay taxes.
That's just a few examples, I am sure there are more. |
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wartz
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A family of four (two children, no child care expenses) would need an adjusted gross income of $38,133 before owing any income tax. It doesn't take too much of a stretch to see 40% of Americans not paying any income tax. |
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bud68
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Not true. |
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Zach V
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If you are thinking about Federal Personal Income Tax, then yes it is true.
Everyone who makes between 0 and $8,000 *IN TAXABLE INCOME* do pay 10%.
Example
You make $10,000 dollars a year, but you have 10 children. You will not have any taxable income.
You make $10,000 dollars a year and you are single. You will have maybe $6,000 in taxable income and you will pay 10% on it.
[I'm making up numbers btw] |
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Tam
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and we have to pay taxes every year! i haven't heard this one and would like to hear more. |
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