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If you are married and you receive income from your IRA what is the amount before you have to pay taxes?
Wiki User
∙ 13y ago
You would have to know how much other gross worldwide income that you would receive during the year to help you determine the answer that you want and need.
You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in order to do the calculation for the numbers that you are looking for.
We can tell you that for the year 2009 married filing a joint income tax return and both under the age of 65 could have up
to 18700 of income free of federal income.
Wiki User
∙ 13y ago
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What is income threshold?
An income threshold is the amount of earnings a person can receive before they have to start paying taxes. Each state has different amounts to this threshold.
Is Advanced earned income extra pay by the employer?
It is an extra amount that you will receive in each pay check during the year. And advance means you are receiving some of the EIC amount before the end of the year so when you file your income tax after the end of the year your EIC amount will be reduced on your income tax return when it is completed by the amount that you received during the previous year as an advance payment.
Is it true that part of income and employment taxes is taken out of worker's paychecks before they even receive them?
Yes, it is true that part of income and employment taxes are taken out of a worker's paycheck before they receive them.
What is a word for Total amount of pay before deductions?
Gross income is the total amount of money before taxes are took out. This is also known as taxable income.
Is annual income calculated before or after taxes?
Annual gross taxable income and your adjusted gross income amount of worldwide income would be calculated before taxes.
What is aggregate income?
The total amount that households and businesses receive before taxes and other expenses are deducted is called aggregate income.
What is income threshold?
An income threshold is the amount of earnings a person can receive before they have to start paying taxes. Each state has different amounts to this threshold.
Can you claim eic if you do not claim income?
No. You must report income to receive the Earned Income Credit. You must file a tax return to receive the credit, even if you otherwise would not have to. Any amount of the credit over the amount of taxes you owe will be refunded to you.
An amount of income that is not included in your gross income is known as what?
Income tax exempt INTEREST INCOME but the amount that is exempt from income tax does have to be reported on your income tax return and is used in the calculations to determine if any amount of any social security benefits that you receive will become taxable income on your 1040 income tax return.
How much social security can you receive before it is taxable receiving other income?
It depends on if you are single or married. If you are single you can have "combined income" up to $25,000 of income before your Social Security becomes taxable; if you are married that number is $32,000. "Combined income" is defined as half of your Social Security income, plus any tax exempt income, plus any other income (from investments, pensions, rental property, etc.).
Will the 8000 be refunded or will just reduce your adjusted gross income?
The tax credit amount does not have any affect on your AGI nor on your taxable income amount. Your federal income tax liability if any will be reduced by up to the 8000 of your FTHBTC. If your federal income liability is less than the 8000 amount then you will receive a refund of the amount that is left. The 8000 FTHBTC is a refundable credit and if you do not have any federal income tax liability you will receive the 8000 amount as a refund.
Is Advanced earned income extra pay by the employer?
It is an extra amount that you will receive in each pay check during the year. And advance means you are receiving some of the EIC amount before the end of the year so when you file your income tax after the end of the year your EIC amount will be reduced on your income tax return when it is completed by the amount that you received during the previous year as an advance payment.
What in Income?
income is the amount of money you receive, particularly what you get after working for a certain period of time or commonly known as wage, salary
What does egi stand for?
EGI stands for effective gross income. This is the amount of income you receive from a sale minus collection costs.
Do you have to pay taxes on diusabilaty?
If the total amount of disposable income you receive exeeds the the minimum taxable income threshold, then yes of not, then no.
Is it true that part of income and employment taxes is taken out of worker's paychecks before they even receive them?
Yes, it is true that part of income and employment taxes are taken out of a worker's paycheck before they receive them.
What is a word for Total amount of pay before deductions?
Gross income is the total amount of money before taxes are took out. This is also known as taxable income.
