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Does anyone have an accurate figure that triggers actual payment of income taxes?

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Phoebe Loosinhouse Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-02-09 08:14 AM
Original message
Does anyone have an accurate figure that triggers actual payment of income taxes?
Edited on Mon Feb-02-09 08:26 AM by Phoebe Loosinhouse
To make it simple: An unmarried person with no deductions other than the standard one.

I am talking amount of income that triggers PAYMENT of actual income tax - not filing date. But thanks to those who responded thinking I was talking date.

edited for clarity.
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Rabrrrrrr Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-02-09 08:19 AM
Response to Original message
1. It's up to the individual, but the deadline is April 15. Though one can ask for extension.
Edited on Mon Feb-02-09 08:20 AM by Rabrrrrrr
I wouldn't be surprised, though, if there is some mathematical formula out there offering a statistical probability map of when people do file.
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nebenaube Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-02-09 08:35 AM
Response to Reply #1
5. ouch
you know that wasn't his question... right?
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Lint Head Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-02-09 08:22 AM
Response to Original message
2. If you are a mega corporation you don't have to pay taxes.
If you are a peon like me your stuck with April 15th.
:dem:
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Skidmore Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-02-09 01:15 PM
Response to Reply #2
8. Doesn't it always strike you as strange that the Rs are pursuing lower corporate taxes
while most of them don't pay anyway and they get breaks for taxes often from state and municipal government? Then corporations get Rs to request further handouts from the government in the tax law.
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HereSince1628 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-02-09 08:30 AM
Response to Original message
3. Tax tables are online, just google...
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ima_sinnic Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-02-09 08:33 AM
Response to Original message
4. gross income at least $8,950 if single and under age 65
Edited on Mon Feb-02-09 08:38 AM by ima_sinnic
per form 1040 instructions, chart showing "who must file."
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karynnj Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-02-09 09:53 AM
Response to Original message
6. $8,950 if under 65; $10,300 if older
http://www.bankrate.com/brm/itax/news/taxguide/file-return1.asp

Obviously if you had income tax withheld or if you qualify for refundable credits, you aren't required to file - but you will get money if you do.
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Taxmyth Donating Member (990 posts) Send PM | Profile | Ignore Mon Feb-02-09 01:03 PM
Response to Original message
7. Who must file - Topic 351
Topic 351 - Who Must File?

Whether you have to file a tax return depends, in part, on your filing status, age, and gross income.

Please refer to the "Do You Have to File" section of the Form 1040 Instructions, 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 Publication 533, 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.

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.

Tax Topic 351 with links to referenced additional topics
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