Friday, March 12, 2010

How much money you have to make that you have to pay tax?

So if you have a part time job, and you are a student. What is the maximum amount of money that you can make before you have to file an income tax form?

How much money you have to make that you have to pay tax?
$400 if it's from self-employment. Otherwise, if you're single and under age 65, $5350 if you are a dependent and $8750 if you aren't.





Being a student has nothing to do with what tax you pay or when you have to file.
Reply:Around $9,000 if you work for an employer.
Reply:$8750 if you are a employee.





$400 if you are an independent contractor.





If you are a W2 employee and you make under $8750, you should file anyway to get your withholding (if any) back.
Reply:See table 1 page 2 pub 501


If you are single under 65 not a dependant $8450





See table 2 page 3 pub 501


If you are single under age 65 and a dependant


If income is unearned $850


If income is earned – the amount of earned income (up to $4850) plus $300





See table 3 page 4 pub 501


If you have self employment income of at least $400





Even if you aren’t required to file, you may want to anyway to get a refund if there is any withholding.


http://www.irs.gov/pub/irs-pdf/p501.pdf


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