 NOW, are you ready to support Steve Forbes "flat tax" proposal? |
| I'm going on 3 days now trying to preapre my tax returns.... enough is enough.... |
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 Will I be getting the $600 tax refund? |
| I did not work at all in 2006, and I started my new job in October 2007, so I filed my taxes for the income I made from October till the end of December. I made about $10K. So will I be getting that $... |
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 Am I eligible for the $600 refund? |
| Hello. I am 19 years old, my parents claim me as dependent and I made about $8,000 in 2007. Am I eligible?... |
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 Unemployed son over 24 years of age, can be claimed dependent or not? |
| I have a son who became 24 in march of 2007. He was full time college student the whole year. He has $0 income in 2007. Therefore completely supported by me and my wife. Can I claim him as our ... |
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 Can you sell a house & keep the $ gained from sale or will IRS take it even if there isn't a lien or levy? |
| If you owe the IRS money and there isn't a lien or levy put against assets yet, can you walk away from the sale with the $ gained or will the IRS automatically take it?... |
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 My tax code is 479 L W1 what does the W1 part mean? |
| I earn a similar amount to my friends in the same industry but no one has this suffix?... |
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 Whats the longest one can go without filing taxes? |
| I cant make this years deadline because my W2 went to my old address in NYC and the person who has it hasnt sent it to me and I dont think she will anytime soon. Is this gonna be a problem? What can I... |
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 Before my mother entered a nursing home she signed a deed transferring title to her personal residence to me? |
| before my mother entered a nursing home she signed a deed transferring title to her personal residence to me her only child, i have never filed the deed with the county clerk's office and ... |
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 I am 19, live at home , work part time and go to college.? |
| I filed a tax return to receive the federal tax that was with held from my wages last year. However, my mother carried me on her return as her dependent. Will I get money from the stimulus package ... |
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 Bought tax cd in 05? |
| can I use TaxCut CD that I bought in 05 and never used and use to file for 06?... |
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 Does anyone know how I will get my stimulus payment? |
My dd refund came into my checking account from TAX FIN SERVICES DEPOSIT, not HR Block or US Treasury...so does that mean my stimulus will come from the IRS as dd or a check?
Additional Details<... |
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 Can my sister in law claim me on her taxes? |
| Ok I am married...Im am also 18 about to be 19...I lived with my sister in law and she supported me for 10 months.I was married 5 of those months yet she still supported me and my husband hasnt ... |
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 I just turned 18 and i still live with my mom when she files her taxes she is gonna claim me ? |
| now does this mean that i cant file my taxes at all or does it mean i can file them but not claim ... |
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 I have a question regarding transfer of money from business to personal accounts.? |
I recently set up a sole proprietorship because I was receiving funds from my friends business, kind of like a consulting fee, however the fees will bring in between 10k and 20k per year.
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grammylin | I hear on the news that people making $50,000 or $60,000 per year are not paying taxes. Why am I? |
They don't make it clear if it is personal income or family earnings. We are just my husband and myself. |
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Charles G
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I've found that news people do not always understand what they are reporting.
What do they mean? If someone is making 50K-60K in wages, they are certainly paying $3000 to 5,000 in FICA. They may or may not be paying income taxes, depending on if they have a lot of itemized deductions and/or kids. They are paying sales taxes, excise taxes, perhaps property taxes, and possibly others.
A self-employed individual who "makes" has profit of 50,000 is paying even more in self-employment taxes.
Perhaps someone who had a point to make, showing that the child tax credit kind of wipes out the income tax with a certain number of kids in certain circumstances. I can only speculate. But the news person buys it whole hog, and misunderstands it to boot. Pardon my cliches. |
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bostonianinmo
 |
It's pretty obvious that many folks don't know much about the Tax Code! A family of 5 or 6 with an income in that range very well might not pay any Federal income taxes. This is because of the various exemptions and credits for children, etc. A couple with 2 children under age 17 would not pay any Federal income tax until their earnings (from wages) hit around $43,000.
Regardless of the situation with Federal income taxes, all earned income is subject to FICA and Medicare taxes. And most States collect income taxes and even at the levels noted above it's likely that State income taxes would be due in most States. |
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viajero_intergalactico
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if you have more kids, they you would get the child tax credit. if you have enough kids it could eventually make it so you dont pay any income tax.
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Judy1
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It's possible, if they have lots of kids, and are talking about federal income tax - they'd still pay social security and medicare. A married couple making $60K who had 6 dependent kids under age 17 would have 8 exemptions, 10,900 in standard deductions, giving a taxable income of 21,100 - four child tax credits, $4000 total, would wipe out the federal income tax on that. |
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John I
 |
It's really not true. The trick is with the word "making."
A person might have taxable income of $50,000 and pay no taxes IF the person also had deductions of $50,000 or more for one reason or other. But if the person had huge deductions like that the deductions would have to be for something that cost a lot of money, and the person wouldn't have any true income to spend.
A person could "make" $50,000 a year but pay no taxes, but such a person wouldn't really have $50,000 of untaxed money in his or her pocket. |
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IT'S ME AGAIN
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news to me, where did you hear this anyways, we fall into this bracket and believe me, we pay a lotttt of taxes |
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ToryL - un canard de Rouen
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That's a pile of crock. Between my husband and I we make close to $130,000. a year And we pay a ton of taxes!!! |
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Worldly25
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Not true. Please do not believe everything you hear on the news.
If someone has that much income even though they have lots of deductions they then get hit with the Alternative Minimum Tax. |
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Don
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Very True!!
"The changes made it relatively easy for families of four making $50,000 to eliminate their income tax liability.
Here's how they did it, according to Deloitte Tax:
The family was entitled to a standard deduction of $11,400 and four personal exemptions of $3,650 apiece, leaving a taxable income of $24,000. The federal income tax on $24,000 is $2,769.
With two children younger than 17, the family qualified for two $1,000 child tax credits. Its Making Work Pay credit was $800 because the parents were married filing jointly.
The $2,800 in credits exceeds the $2,769 in taxes, so the family makes a $31 profit from the federal income tax. That ought to take the sting out of April 15."
Source: yahoo.finance.com |
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