If you must file taxes after reaching a Married filing joint Income of 20.900 is that amount adjusted gross or gross income?
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In order to file a joint return, the parties must be married at the end of the year, living together in a recognized common law marriage, or married and living apart but not l…egally separated or divorced. You can also file a joint return for the year in which your spouse died. But that is only the one year. .
It depends on your filing status, (and perhaps other things), but below is for each. Obviously, many other things are due on the income other than Federal INCOME tax too.. (U…pon review, it seems to lose format when posted, the link will get you to the tables which are clearer).. Schedule X - Single . If taxable income is over-- But not over-- The tax is: . $0 $7,825 10% of the amount over $0 $7,825 $31,850 $782.50 plus 15% of the amount over 7,825 $31,850 $77,100 $4,386.25 plus 25% of the amount over 31,850 $77,100 $160,850 $15,698.75 plus 28% of the amount over 77,100 $160,850 $349,700 $39,148.75 plus 33% of the amount over 160,850 $349,700 no limit $101,469.25 plus 35% of the amount over 349,700. Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er) . If taxable income is over-- But not over-- The tax is: . $0 $15,650 10% of the amount over $0 $15,650 $63,700 $1,565.00 plus 15% of the amount over 15,650 $63,700 $128,500 $8,772.50 plus 25% of the amount over 63,700 $128,500 $195,850 $24,972.50 plus 28% of the amount over 128,500 $195,850 $349,700 $43,830.50 plus 33% of the amount over 195,850 $349,700 no limit $94,601.00 plus 35% of the amount over 349,700. Schedule Y-2 - Married Filing Separately . If taxable income is over-- But not over-- The tax is: . $0 $7,825 10% of the amount over $0 $7,825 $31,850 $782.50 plus 15% of the amount over 7,825 $31,850 $64,250 $4,386.25 plus 25% of the amount over 31,850 $64,250 $97,925 $12,486.25 plus 28% of the amount over 64,250 $97,925 $174,850 $21,915.25 plus 33% of the amount over 97,925 $174,850 no limit $47,300.50 plus 35% of the amount over 174,850. Schedule Z - Head of Household . If taxable income is over-- But not over-- The tax is: . $0 $11,200 10% of the amount over $0 $11,200 $42,650 $1,120.00 plus 15% of the amount over 11,200 $42,650 $110,100 $5,837.50 plus 25% of the amount over 42,650 $110,100 $178,350 $22,700.00 plus 28% of the amount over 110,100 $178,350 $349,700 $41,810.00 plus 33% of the amount over 178,350 $349,700 no limit $98,355.50 plus 35% of the amount over 349,700.
What amount can a couple make to get a 2008 tax rebate in May - is this adjusted gross income or total income?
Stimulus Act rebate checks will only be sent to those filing a 2007 tax return IR 2008-18; Fact Sheet 2008-15; Fact Sheet 2008-16; Treasury Fact Sheet IRS has issued a bar…rage of information explaining how individuals will receive the rebate they're entitled to under the Economic Stimulus Act of 2008 (Stimulus Act). The key guidance is that individuals will have to file a Form 1040 or 1040A for 2007 to get a rebate in 2008, even if they are not otherwise required to file a 2007 return because of low income. Separately, Treasury issued a Fact Sheet carrying 28 examples of how individuals will be affected by the rebates. [For more information, you can follow this link to the IRS website: http://www.irs.gov/irs/article/0,,id=177937,00.html ]. No extra paperwork for most individuals. IRS stresses that most people won't have to take any extra steps to be entitled to a Stimulus Act refund, which IRS will begin mailing in May of 2008, or transmitting via direct deposit, for those selecting that option when filing their 2007 returns. IRS will use the 2007 tax return to determine eligibility and calculate the basic amount of the payment. In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return) and a minimum of $300 for individuals ($600 for taxpayers who file a joint return). Parents and anyone else eligible for a stimulus rebate will also receive an additional $300 for each qualifying child. The rebates are reduced by 5% of adjusted gross income (AGI) in excess of $75,000 for individuals and $150,000 for those who are married and file jointly.. Return filing burden for lower-income individuals. Even those individuals who have little or no tax liability may qualify for a minimum payment of $300 ($600 if filing a joint return) if their tax return reflects $3,000 or more in qualifying income, which consists of earned income (e.g., wages, net self-employment income) as well as Social Security or certain Railroad Retirement benefits and veterans' disability compensation, pension or survivors' benefits received from the Department of Veterans' Affairs in 2007. Many of these individuals normally wouldn't have to file a 2007 return because their incomes are below the filing thresholds, but they will have to file a return in order to receive a rebate.. Where necessary, the following benefits (in any combination) must be reported on Line 20a of Form 1040 or Line 14a of the Form 1040A to meet the qualifying income requirement:. Social Security benefits reported on the 2007 Form 1099-SSA, which individuals should have received in January 2008. Those who do not have a Form 1099 may estimate their annual Social Security benefit by taking their monthly benefit and multiplying it by the number of months during the year they received the benefits. . Railroad Retirement benefits reported on the 2007 Form 1099-RRB, which should have been received in January 2008. . The sum of veterans' disability compensation, pension or survivors' benefits received from the Department of Veterans' Affairs in 2007. Individuals may estimate their annual benefit by taking their monthly annual veterans' benefit and multiplying it by the number of months during the year they received benefits. . IRS cautioned that Line 20a of Form 1040 and Line 14a of the Form 1040A are designated for Social Security. To qualify for the economic stimulus payments, these lines should also be used to include any qualifying Railroad Retirement or veterans' benefits.. When an amended return will have to be filed. Those lower-income individuals who filed a 2007 tax return reporting at least $3,000 in qualifying income don't need to do anything else to get their stimulus rebate. However, others may have to amend a previously filed tax return (using Form 1040X) to include benefits to reach the $3,000 qualifying income level, for example, benefits such as Social Security payments that weren't taxable under the Code Sec. 86 rules. IRS stressed that adding these benefits on an amended tax return won't increase an individual's tax liability but simply will establish eligibility for the stimulus payment.. Exclusions. IRS reminded individuals that:. Those who file Form 1040NR, 1040PR or 1040SS are not eligible for stimulus payments. These returns are normally filed by Nonresident Aliens, residents of Puerto Rico and residents of the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands (CNMI). Residents of U.S. possessions will be receiving their rebates directly from the possessions. . Those who can be claimed as dependents on someone else's return aren't eligible for stimulus payments. . Dividends, interest and capital gains income is not included when determining qualifying income. Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment. Also not included in qualifying income are non-veterans or non-Social Security pension income (such as those from individual retirement accounts (IRAs)). . Stimulus payments will be subject to offset against outstanding tax and non-tax liabilities in the same way as regular tax refunds. . In addition, the IRS emphasized the stimulus payments will not count toward or negatively impact any other income-based government benefits, such as Social Security benefits, food stamps and other programs.. Expect notices from IRS. Most taxpayers will receive two notices from IRS (presumably after they have filed the 2007 return). The first will be a general notice explaining the stimulus payment program. The second will confirm the recipients' eligibility, the payment amount and the approximate time table for the payment. Taxpayers are told to save the second notice to assist them when they prepare their 2008 tax return next year.. IRS also advised individuals who move after they file their 2007 tax return to notify the IRS by filing Form 8822, Change of Address, and also notify the Post Office
Go to the IRS gov website and use the search box for Do You Need to File a Federal Income Tax Return? You can also go to the Do You Have to File section of the Form 1040 Instr…uctions, Form 1040A Instructions, and Form 1040EZ Instructions to determine if you are required to file a tax return. You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%. For more details, refer to Topic 554, Self-Employment Tax . If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents , or Publication 501, Exemptions, Standard Deduction, and Filing Information , for the filing requirements for dependents. You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as: . social security tax and Medicare tax on tips or group life insurance, . alternative minimum tax, . tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account, . tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit. Special filing requirements may apply to U.S. citizens who are residents of Puerto Rico or who have income from U.S. possessions. Refer to Publication 570 for additional information. Residents of Puerto Rico should select Topic 901. Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851. Even if you are not required to file a tax return, file a return if you are due a refund, because tax was withheld from any earnings..... AND BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING. If you did not file a return for a previous year and you were required to do so, refer to Topic 153. If you need help determining which form to file, refer to Topic 352
Self-employed, any age: $400 Children and Teens classified as a dependent: $5,700 Single, under 65: $9,350 Single, over 65: $10,750 Married, filing jointly, both s…pouses under 65: $18,700 Married, filing jointly, one spouse over 65: $19,850 Married, filing jointly, both spouses over 65: $20,900 Married, filing separately, any age: $3,650 Source: TurboTax Support website (related link below) Even if you do not have to file, you should file to get money back if Federal Income Tax was withheld from your pay, which if you were an employee most certainly happened or you qualify for any of the following: . Earned Income Tax Credit. The Earned Income Tax Credit is a federal income tax credit for eligible low-income workers. The credit reduces the amount of tax an individual owes, and may be returned in the form of a refund. . Additional Child Tax Credit. This credit may be available to you if you have three or more qualifying children or if you have one or two qualifying children and earned income that exceeds $11,300. The Additional Child Tax Credit may give you a refund even if you do not owe any tax. . Health Coverage Tax Credit. Limited to certain individuals who are receiving certain Trade Adjustment Assistance, Alternative Trade Adjustment Assistance, or pension benefit payments from the Pension Benefit Guaranty Corporation. Additional information on filing taxes: Simple Common Sense: The only time you actually do WANT to file is when the IRS says you don't have to! They don't do that because it's good for you. They do it because it is more likely to be good for them. Certainly if you don't have to file, NOTHING BAD, in fact only good things, can happen by doing so. Federal Taxes are the same throughout the country. State tax laws are specific to each area. Whether you have to file a tax return ( or pay tax ) depends, in part, on your filing status, deductions, amount & type of income . There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or working from home or a student. It is all addressed as a matter of "how much TAXABLE income ." (Note: working isn't relevant either, as many people who don't work or are retired, or disabled, or old, or young, or in school, have income from many sources: savings, investments, etc. TAXABLE income is different than what you may otherwise think of as income . In most circumstances, you have to do many of the calculations needed to file a return, just to determine what taxable income may be). Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does. You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%. If you weren't self-employed (paid on a 1099 or ran your own business) then you would always want to file a return to claim the amount withheld and shown on your W-2, which with lower incomes will always be refunded to you. If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents , or Publication 501, Exemptions, Standard Deduction, and Filing Information , for the filing requirements for dependents. All available at www.IRS.gov You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as: . social security tax and Medicare tax on tips or group life insurance, . alternative minimum tax, . tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account, . tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit. Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851 at the IRS website. Even if you are not required to file a tax return, file a return BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING THAT ARE KEYED TO FILING A RETURN. (Like stimulus checks). Also, the Statute of Limitations for when the IRS can no longer ask you questions about your affairs for a year only STARTS to run when a return is filed. Not filing, and they can bug you, (and assess a tax) for forever!
Do I have to to file income tax returns for state of Maine if i filed a federal tax return and and have 0 adjusted gross income?
If you are a residentof Maine who is required to file a federal income tax return, you must file a Maine income tax return. If you are not required to file a federal retur…n, but do have income subject to Maine income tax resulting in a Maine income tax liability, a Maine return must be filed. You do not have to file a Maine income tax return if you meet all of the following requirements: 1) your Maine taxable income is $2,000 or less, 2) you claim yourself as an exemption on your return, AND 3) you are not subject to the Maine Minimum Tax. However, you must file a return to claim any refund due to you.
If a non resident must pay tax on the gross amount of a sale of a house in NJ then is it necessary to file NJ income tax to obtain any refund even though the seller lives in another state?
Sale of property located in New Jersey is subject to New Jersey income tax whether the seller is a resident of NJ or not. Non-residents use Form NJ-1040NR to file their New… Jersey tax returns. http://www.state.nj.us/treasury/taxation/prntgit.shtml#git If you have a NJ tax liability, you will probably be able to claim a credit on your home state's income tax. There is usually a special form or schedule to claim the credit.
If you're on social security disability and your gross income is 21600 do you have to file a tax return?
Social Security disability insurance (SSDI) is available to an ill/injured worker who hasn't been able to work for more than a year because of the illness/injury. Generally, i…f SSDI is your only source of income, they probably aren't taxable. The rules for the taxability of SSDI benefits are the same as those for regular Social Security benefits. A quick check is that it's taxable if your other taxable income plus half of SSDI total more than $25,000 for Single filing status ($32,000 for Married Filing Jointly). . For more information, go to www.irs.gov/formspubs for Publication 915 (Social Security and Equivalent Railroad Retirement Benefits).
If you have an account with fifth third bank and a customer in good standing with your spouses signature! They wont deposit it if her or his name is not on the account! You ar…e considered a risk and a crook after 20 years of being a customer!
The total of all of your GROSS WORLDWIDE INCOME would be your GROSS INCOME that will be reported on your 1040 federal income tax return. That is every amount that is income …to you for the tax year.
Sure you can and it is possible that you would want to if you had any federal income tax withheld from your gross income because it is possible that you be due a refund of the… FIT amount that was withheld.
Yes. Gross income means all income you received in the form of money ( ie social security benefits), goods, property and services that is not exempt from tax , including …any income from outside the United States (even if you can exclude part or all of it).
A self employed taxpayer would be required to file an income tax return if business operation had a net profit of 400 and pay the social security and Medicare taxes that would… be due plus any income tax that may be due after adding the net profit to all other gross income on the 1040 tax form and the amounts would be subject to income tax at the marginal tax rates. A dependent on another taxpayer income tax return with unearned income interest, dividends, capital gains, rental income, taxable social security benefits, unemployment compensation, gambling winning and misc income, etc of more than 950 must file an income tax return and report all worldwide income on the 1040 tax return
Which of these could change a taxpayer's adjusted gross income when filing a federal income tax return?
contributions to an IRA
You can file for federal income tax anytime before April 15th 2011, which is the last date for filing federal tax return. However, If you feel that you need more time for tax …filing, then you have the option of tax extension. Tax extension grants you 6 months of extension for tax filing but that does not mean you get an extension on payment of taxes. You have to pay your taxes before April 15th deadline.
In Income Taxes
Under these circumstances and income your tax calculation would go like this: $75,000 - (3,900 X 4 exemptions) - 12,200 (Std. Deduction) = $47200 Taxable Income. Your total …income tax will be $7,728.75. Your top tax rate on the highest part of your income is in the 25% bracket but in reality your real tax rate is about 10% after you deduct your standard deduction and exemptions. This is not considering your child tax credits if your children are under 17 years old or any other credits like dependent care credits or such.