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 How much taxes will I have to pay on a $40,000 inheritance?

Additional Details
Michigan

Relative- ...


 Just filed my taxes, anyone else wait until the last minute like me?
phew, thought i would never get them done!...


 Can these be claimed on our taxes?
In 2008 we had a large dental bill we paid out of pocket and also have many medical bills as we are seeing a fertility specialist. We live in Illinois. Are these things we can claim? The ...


 If i file for independent at 17 years old is that a good idea?
Me and my mama are having problems and i want to move out should i file independent and just live with my aunt i want to know if this is a good or bad idea??...


 I owe 185000 on my house and if i sell it for 550000 how much would i have to pay in taxes?
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 For 2008 I did win over $25000 from jackpots..did not pay upfront taxes..Can I claim all of it as a loss.?
Can I save myself from paying taxes on my winings..I did loose as well
from $25000..?...


 Calculate percentage of a number?
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 A family member filed a tax return in my name without telling me about it and kept the money what do I do ?
I found out through a friend of mine that a family member that I do not live with got a $1.500 tax return deposited into their bank account in my name but the odd thing is I didn't even work ...


 Can I claim my sister on my taxes?
My younger sister is 10 years old. She lives with my dad in the next town over from me. We have different mothers. Her mother lives 2 hours away, and Hanna (my sister) hasn't spent more than a ...


 I work in one state and live in another state and pay state tax in both states is there someway around this?
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 Is it correct to be taxed 22% if your salary is only?
13.000? My tax code is 522L....


 Does a paycheck stub show you how much income taxes you'll get back?
...


 Are Student Loans considered income to the IRS?
If I get student loans in the amount of 34900.00, and put into a checking account (private student loan) is this income that I have to report?...


 Mailed in taxes when should i expect my economic stimulus check?
I mailed in my tax forms, I did them myself and sent everything off. I had my refund directly deposited to my checking account. I am kind of confused as to if the direct depositing of the stimulus ...


 Bailiffs and council tax?
we owed a bit on the council tax from a previous year the baliffs turned up and we agreed a sum each month this has now been paid off in full back in may The other day we recieved a letter saying we ...


 Im giving a car away to a friend who doesnt have a car. Is there a way I can write it off on my taxes ?
If so can you tell me in detail?...


 Has anyone in the second set of stimulus payment set to be deposited by may 9th received their deposit yet?
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 Is this considered IRS Fraud? What should I do?
I overheard my sister speaking to a friend who lives in Spain, she moved about a year ago.
Her friend mentioned that she filled her 2007 taxes and will be getting a refund over 5,000 dlls + the ...


 Is there any income that's totally exempt from IRS state tax seizure?

Additional Details
such as Social security disabulity insurance (back payments) direct deposited ?...


 How much will I get? Read on please....?
I am a single mom, and claim 2 allowances, will I get ALL of my federal and state tax returns back?...



xratedmami05
Do you only pay taxes if you are working? if someone isn't working you still have to pay taxes? if so on what?
please give me an example
                     
 




tetzner77
It depends on the taxes. We are taxed in many ways that are not as obvious as income taxes. Have you ever bought gasoline? Cigarettes? Alcohol? Paid a utility bill? A cell phone bill? Do you own a home? Rent? Have you ever used money at all?

Even if you got rid of all material things, made everything you needed yourself, and subsistence farmed at a cabin in the woods, you would still have to pay some type of tax for the property. Depending on what you are farming though, you may receive a government subsidy, and probably come out ahead.


Kevin K
You only have to pay taxes if your income is OVER the standard deduction and personal exemption. For example, if you are single the SD=5,000 and PE=3,200, so if you don't make over 8,200 you don't have to pay any taxes, from whatever source that may be.


frugernity
There are many forms of income besides salary & wages.

For example interest on savings, profits from buying/selling stocks, etc.

Go to http://www.irs.gov and click on the like for Form 1040 and take a look at the lines for various kinds of income.


Judy1
Rating
There are many kinds of taxable income (for federal income tax) other than wages. A few examples are pensions, interest on savings accounts or CD's, and profits from sale of assets (e.g. stocks, bonds, property).


baconshmals
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There is always property tax. If you own a home, you need to pay taxes.


unicornfarie1
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Even if you don't work and have income you still pay taxes on everything you buy except food even if you are using welfare money. Deodorant,hairspray,tools,makeup,shoes,c... supplies,clothes...etc.


♥cexisnowbunny♫
i think it might depends where you live but generally if make less than $15,000 a year, you do not have to file taxes


no n
why do you think they call it "income" tax?


Kat K
There is a per capita tax that is more or less charging you for being an American citizen. It's around $15 and I think it's paid with your local taxes. Also, if you have a savings account, 401k, CDs, etc, you have to pay taxes on the interest that they've accumulated in the Federal taxes.

So if I were you, I'd file your taxes just to be safe, and if you don't make any money, then they won't be that hard, right?


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