 Explain 92% Income Tax?!? |
I was looking at Income Tax in the USA, and in the 1950s during the Korean War, it reached a peak at 92%.
Now that just shook me up. That's ridiculous. Say that your making 1,000,000 ... |
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 What wage would you be happy to earn? I do not mean silly celebrity money but a reasonable sum which would ? |
| mean you and yours could live comfortably but not the lifestyle of the rich and famous - lol - ie something not unachievable!... |
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 I dont get any taxes taken out of my pay, when I file my taxes will I get a tax return after paying my taxes? |
Additional Details
I work part time and only get 147 a week. My boss doesnt take taxes out because "its too much paper work"... |
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 Should fat people pay more tax? |
| If you think about when your sitting on a bus an theres no room on it cos the persons too big nxt to you, or walking along the pavement they take up too much room. List your reasons why you think ... |
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 2008 tax rebate....? |
| just curious to see if anyone has recieved there rebate DIRECT DEPOSITED in there account yet. According to what Ive read with the last two numbers of the SSN it suppose to be depsited today but I ... |
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 Do you think it's right to tax a 19 year old in her first job, which she needs for Uni? |
And also
The personal allowance, doesnt it work out that you are taxed after you have earned the £6,000. Or do they wait until the end of the tax year?
I have just been taxed ... |
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 IRS says they deposited my refund,but I didnt get it? |
The IRS website says they direct deposited my refund on the 23rd,but I didnt get it.Whats the number to call and find out what happened to it?
Additional Details
Yes I paid my 14.95 up ... |
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 Why Do So Many People Want to Get a Big Tax Refund? |
Why do so many people let the IRS withhold too much federal taxes from their paychecks? These same people then turn around and get their own money back in a big tax refund.
Why don't ... |
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 Where can I find my Employer ID number for free? |
| I'm trying to file taxes, and I need to locate my Employer FED ID number. I haven't gotten my W-2 forms yet, and I'm trying to file my taxes. This is the only information I'm ... |
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 What is VAT? |
| when you buy something and it says 'including VAT' or not, i dont even know what VAT is! can you shed some light on the matter please guys ... |
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 I received $7,000 as a gift. How do I hide it from the IRS? |
| I already deposited it in the bank. Is there a way to keep the IRS from finding out?... |
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 Why do we have to pay taxes? |
Ive heard from a few people there is no legal hand writing saying we have to pay taxes
i just dont get it.... |
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Joanne S | Do You Have To Pay Tax If Under 18? |
Hey there,do you have to pay tax when you have a job if your under 18?
and also does anyone know the limit of how much you earn when you are required to pay tax,i heard if you earn 120 a week or less you dont have to pay tax?
Or does everyone have to pay a certain amount of Tax regardless to how much you earn (if over 18)?
Joanne xXx |
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karl p
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If you are earning 120 pound a week you will pay tax the threshold for tax is currently £5030 a year based on weekly annual earnings, if you work that out you are over the tax threshold, age has nothing to do with it. make sure you have a tax code on your wage slip which should be 503L if it says BR 1 you will be paying too much and will need to fill out a P46 if you dont have a P45. |
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Smoby J
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well i didnt fink u cud get taxed but if you earn over £190 or sumfink a month u get taxed bout 2 or 3 quid , well i did ....but you can claim it bakc at end of year apparntly cos were under 18 |
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Donna M
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Yes, I'm pretty sure anyone over 16 has to pay tax. Also, I've a feeling the threshold is lower than £120 - maybe about £50 or so. But I'm not expert, that's just my impression.
Go to a site called entitledto.co.uk. You put in all your details (inc. d.o.b) and it'll tell you exactly how much tax etc you'll pay, also if you'll be entitled to any top-up benefits. |
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grown-up
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Age has nothing to do with it. If you are 1 year old with an income you have to pay tax on it.
The previous poster got it spot on for the UK. |
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Little One
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You have to, from the age of 16. |
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Robert P
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Yes you do. If you are on books they will take it out of your check. It like 25% of your gross pay. You get most of it back want you file your imcome tax. |
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dawleymouse
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Take no notice of Belle, she is talking about tax in USA.
In the United Kingdom, if you are earning more than £5,030 in the year from 6th April, 2006 to 5th April, 2007 then you will normally pay tax. There are some exceptions to this, for example people over age 65 may pay less, but there are no concessions for young people.
You will probably find that, if you are earning more than £97.00 a week, your employer will deduct tax from your wages. However, since your tax is based on the whole year, if you earn less than £5,030 in the full year, you will get it all refunded at some stage.
Don,t forget that you will also have to pay National Insurance contributions of 11% of anything you earn over £84 per week. This is calculated on a weekly basis and so, once you have paid it, you cannot get it back.
Hope this helps and that I have explained it in an understandable way. |
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MB
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Assuming your circumstances are straightforward (you don't have company car etc), then you will pay tax if your earnings exceed £5035 per tax year. (Note other posters have said £5030 which is incorrect). Age is irrelevant.
Assuming you work a full tax year you'll earn £6240. You'll be taxed on £1205. The first £2150 of earning above £5035 is taxed at 10%, so you'll get taxed at 10% on that £1205 - which your tax bill for the year will be £120.50, or about £2.32 per week.
Don't forget you'll also pay National Insurance. |
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sashs.geo
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Everyone has to pay tax (except the queen).
Child actors pay tax. |
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alatoruk
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the age limit is 16, although that might be because they dont expect under 16s to be able to earn enough outside of school hours (there is a maximum kids can work and its about 2 hours a day).
after that it depends on your tax code. Single person code is about 460 so you can earn 4600 before you start paying tax. assuming you are paid weekly they split that into 52 equal shares, so 1st week in april you can earn about 90 before you pay tax.
second week you its not quite "you can earn 90 before you pay tax", but you can earn 180 in the last 2 weeks before you pay tax.
3rd week its £270 in the 3 weeks before and so on.
so if in 1st week you earnt 100 you would pay tax on 10, lets assume its 20p. next week you only earn 60, you would actually pay -0.20 tax and get 60.20 in you paypacket. next week you earn 140 so your pay to date is 300, less 270 tax allowance means you pay tax on £30... you get the idea. |
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ilove1984
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I am not too sure, it depends on certain thing for example if you are still a student, how much you earn......if you go to your local tax office (find that out on the net or in yellow pages) there are advisors there to help you and give you advice. Alternatively go to your local job centre and they can give you information. |
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Tommy English
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It depends on income, not age |
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pattiewagon16@sbcglobal.net
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when u get a job they take out taxes. |
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Belle
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When you work, your paycheck is docked for taxes. Whether you claim 1 or 0 (zero), is up to you. If you're living at home, your parents are able to take you as a tax deduction. If you move out, they still can if you lived with them 6 months or more of the year....you move out in July but lived with them until July 1st when you moved; they can claim you on their taxes. You can file your own but you won't get anything back due to them claiming you as a dependant.
I learned this the hard way when I moved into my own place. My mother claimed me & my son in 2000, yet we were in our own place on New Year's Day. Yes, I turned her in & she had to pay the money back plus a big fine. She's also lucky the IRS didn't send her to jail for 3 years for tax fraud. After that, I've been able to claim my son on my own. Now that I'm on disability, I don't have to claim taxes. My money's considered non-taxable & I've gotten that in writing from the IRS in an offical letter, just to be safe. This will be the second year I don't file. Maybe one day I'll get to again.
Anyhow, talk to your parents about letting you file your own taxes so you learn how to do it. They can help or allow their tax preparer to file them for you. Or, walk through it yourself. I've done my own in the past & help family & friends now do theirs. I DON'T offer advice just help them go through the questions. |
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sk8ordie
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no. |
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IBRAHIM
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Well, this depends on 2 factors, whether you are a student or whether you are not. If you are a student then you pay no tax, but if you are not then you have to pay tax. The amount you cna earn before you do get taxed is dependant on your first salary, and is worked out by Inland Revenue, however the average they allow you to earn before tax is roughly £4875. Afte this you will be taxed accordingly to the amount you earn although, this is usually 22%. Another thing too is that if they do tax you, you can claim back every last penny they do tax you, by filling in a tax return form. |
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