 What if I claim myself on my taxes and my parents try to as well, who will get the credit???? |
| I am 25, was 24 in 2007, and I claimed myself on my taxes. I lived completely on my own for all of 2007, paid my own car note, rent, insurance, health insurance, food, you name it. My dad said he is ... |
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 My little 16 yr old sister babysat for us this year while we worked-does she need to claim the $2500 income? |
| My 16 year old sister was paid cash for babysitting for us this summer while we worked. Can I claim the $2500 we paid her as a Child Care deduction on my taxes? Also, will she have to claim the $250... |
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 When am I going to get my tax return back??? |
| I did my taxes online yesterday and I just wanted to know generally when I can be expecting my check. My boyfriend agreed then when I get my check we can definitly get a puppy!!!!!! So needless to ... |
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 Do I have to pay Income (Labor) tax... as an employee? Or is it volunrary? |
I am told there is no law which states I have to pay income tax to the state or federal government.
I also saw a documetary called: America - Freedom to Facism... which I would highly ... |
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 How can I calculate payroll taxes by myself? |
| Is there a certain/standard percentage that is taken out for state, federal, etc. I claim 2.... |
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 Tax - why hit the poorest? |
Up to tomorrow we have had three bands of Income Tax in the UK, the first one being 10% on the first £2230, then 22% then 40% bands.
From tomorrow the 10% band is being abolished, and ... |
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 A single woman working 40 hours a week with 2 children , makes approx $22.000 a year . both kids ? |
| O.K. both of her kids are under 18 and she makes approx $22.000 a year , how much would her anticipated refund for her taxes be next year ? , one of her children just turned 18 in august .... |
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 What TDS in Tax? |
| wanna know the % diduction per ... |
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 IRS rebate? |
| Does anyone know if this is a rebate OR an advanced payment. if you recall, bushes first year in office, we all got a "rebate". however, it turned out to be an ADVANCED payment based on ... |
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| If i get child support payments is that concidered income? |
| Do I put my son's child support down as income when i do my taxes?... |
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 Is over $500 taken out for taxes too much?? |
| My husband's check was $1,827.50 before taxes. He did not have any insurance or 401K taken out and his final weekly check was $1,369.00! He claimed married and 4 on his tax forms. That seems ... |
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 How would you feel about a new law that takes LESS taxes the harder you work? |
| I keep thinking about how this country needs to change, and this is one major way how. Instead of rewarding those who dont WANT to work, how about a tax reduction for those who want to work MORE. For ... |
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ilikesta | Where does the claim that 40% of Americans pay no federal tax come from? |
A simple look at the 2007 tax chart will show you that with an adjusted gross income of $1000 you still owe $101 in federal taxes. So 40% of americans earn less than that???? I think that number is skewed |
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doncrisp99
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It seems skewered because you're thinking about an adjusted gross income, not what one makes, which is adjusted for deductions to arrive at the adjusted gross income. In essence, one would have to make much more than $1000 to have an adjusted gross of $1000. And, yes, I believe that 40% of americans do not have an income enough to have an ADJUSTED gross income. |
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roadhunter
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You don't have all the facts. Someone making that little would qualify for the Earned Income Tax Credit, and would receive a refund of far more than the $101. |
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Judy1
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Uh, look again - you apparently don't understand taxes very well. It's a TAXABLE income of $1000 that generates the $101 in federal taxes. A single person with no dependents, who isn't a dependent himself, has to earn $9950 this year to have a TAXABLE income of $1000. And a married couple with two kids has to earn $25,900 to have $1000 in taxable income - and that $100 would be wiped out by the child tax credit so they'd owe no income tax - in fact, would get EIC so would get severalo thousand dollars paid to them, they wouldn't pay income tax. And a married couple with two kids wouldn't owe income tax unless their income was over $43,450 because below that, the child tax credit would wipe out any tax they owe. And yes, I'd guess that quite a few married couples with two kids have income below $43.450. |
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wartz
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When you figure in child tax credits a family of four (Dad, Mom, 2 kids)would have to earn over $33,000 before owing anything. Earned income credit wipes out a lot of tax liability. 40% is realistic |
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Bob F
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The problem is that a "simple look" at the tax tables makes you miss a lot of income. You look up "taxable income" in those tables. Taxable income is what is left after you take off:
1) between $5450 and $10900 (depending on filing status) for the standard deduction or even more if you itemized deductions,
2) $3500 per person listed on the return as either the taxpayer, spouse, or dependent
3) other front page adjustments to income (front page of form 1040)
Then if you do have some taxable income after subtracting off all of that, you will have a tax liability, but you still don't know if you are a taxpayer or not. Next you get to apply any credits you are eligible for. Those could be for anything from day care to education to energy saving things you have done to your house to several child related expenses. The biggest is the earned income credit which can be worth up to almost $5000. And in the case of the EIC, you get it even if you don't have a taxable income. So you can actually become a negative taxpayer.
If you are single and have at least two kids, you can make $30000 and still not pay any taxes. That is how it comes to 40% of Americans paying no taxes.
That is also why you can never give the "lowest earning workers" a tax cut - they already pay no taxes - so how do you cut zero taxes. That is why the media and liberals with their own agendas can always say that a certain tax cut didn't help the poor people. They are not lying, because you cannot help poor people with a tax cut - the have no tax to cut.
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bud68
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From idiots who keep repeating it on the internet. |
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Clark Kent
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At least 40% of all Americans are probably children claimed by their parents and have no income.
Also a lot of people get an earned income credit which can wipe out all taxes and give them a 'refund' of money they have never paid.
Also, in some families, only the husband or only the wife works.
Other people are retired and live on social security which is not taxable unless they make over $25000. |
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rtfm
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The people who came up with that 40 percent figure are allegedly counting every citizen of the United States -- including all children under age 18 and all retired senior citizens who don't make enough to pay taxes.
Like they say, you can make statistics say anything you want them to. |
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