close
    What is the max. $ earnings one can make before having to file income tax

    +1  Views: 1473 Answers: 1 Posted: 7 years ago

    1 Answer

    IRS Filing Rules
    For the typical taxpayer who is not self-employed and claims her own personal exemption, the maximum income you can earn before having to file a tax return is equal to the standard deduction you can take for your filing status, plus one personal exemption. The personal exemption is a fixed amount and is the same for all taxpayers in the same tax year. However, the amount of standard deduction you can claim will depend on your filing status. As of the time of publication, a single taxpayer can take a $5,800 standard deduction while head of household taxpayers can claim $8,500. And if you are married and file a joint return with your husband or wife, not only can you take a standard deduction of $11,600, but you can use two exemptions to determine whether you must file.


    Dependent Taxpayers
    If you are a dependent to another taxpayer, that other taxpayer claims your exemption for you, which means the maximum income you can earn without filing a tax return is equal to the standard deduction for a single taxpayer. This maximum tax-free income only applies to money you earn from employment or providing services. If you earn income from investments, such as dividends or interest, than you must file a tax return if the total income is more than $950. This is the maximum amount of tax-free investment income you can receive and you will pay income tax on every dollar above $950.


    Read more: Maximum Amount of Income Without Filing | eHow.com http://www.ehow.com/info_8305602_maximum-amount-income-filing.html#ixzz23bK5ks1w

    carmaxable

    i sure am glad you kno what your talking about. that tax stuff has me going in circles. lol.
    lindilou

    It is from the link attached to it!!! LOL! Gads No! I haven't a clue about such things as money! What's that? haha!...the answer's a copy and paste thing!! :D


    Top contributors in Taxes category

     
    Ducky
    Answers: 4 / Questions: 0
    Karma: 240
     
    Colleen
    Answers: 12 / Questions: 0
    Karma: 180
     
    Benthere
    Answers: 0 / Questions: 0
    Karma: 120
     
    jhharlan
    Answers: 2 / Questions: 0
    Karma: 90
    > Top contributors chart

    Unanswered Questions

    443646
    questions
    714320
    answers
    569284
    users