I'm trying to do my taxes and am climax up owing close to $600. I reason something is wrong.?
Last year for 2007, my gross wages were $22,730.14. I didn't claim any deduction and can't claim any on my return. I'm married. According to a few paycheck calculators, $1,473.01 is the amount that should be withheld from my paycheck. $1535.44 was withheld. However, while I'm doing my taxes, it's coming out that I owe $600. Is something wrong? What am I not awareness? Any help would be GREATLY appreciated. Thanks!Answers: Are you married file jointly or married file separately?
Assuming maried filing separately:
22,730
-3400 (Personal exemption)
-5350 (standard deduction)
=13,980 taxable income
so $1,705 is your duty
if married filing collectively and that is your simply income:
22,730
-6,800 (Personal exemptions for you both)
-10,700 (standard deduction)
=5230 taxable income
so $523 is your tax
The difference between your duty and the 1535 you had withheld is your compensation (or payment if the import tax is higher than your withholding)
Good luck!
Are you file a joint return or married file seperate? Can either you or your husband be claimed as someone else's dependent? Do you enjoy any dependents? Did you or your husband contribute to a retirement account contained by 2007? Did either of you attend institution or pay interest on student loans?
There's lots of question to answer before anyone can really give support to.
Without knowing whether you are filing a unified return, and if so how much income and withholding your spouse has, there's no method to even estimate.
If you are filing as married file separately, then your excise will be $1705.
What are you putting into the calculators for your filing status?
Do I have to file my 1099 for last year if I made under $5000? I heard I don't but I want to make sure-Thanks!
Answers: Yes. You have to claim anything over 599.99 that was made as a 1099 subcontractor.
I am in the relatively rare position that I a
W-2 employee of a company, but I am also considered a 1099 subcontractor for our supplier (because of a bonus program that gives cash incentives directly from the supplier/manufacturer of our products).
For years that I make 599.99 or less as a 1099 subcontractor, I do not have to report the income.
If I make 600.00 or higher, I do have to report the income.
This is how it has worked for the last 8 years. Some years I have to report my 1099 earnings, while some years I do not have to report this income.
Many think they can get away without fileing because taxes have not already been taken out, but this is not the case. 1099 income is just as traceable as W-2 income.
While in college, I also had years where my total income was below the taxable level, as someone else mentioned.
If your total income is below a set amount, you may get away with not having to file taxes, but you will have to report this income either way, whether you file taxes or a non-filer's statement.
EDIT: The limit for most 1099's is, in fact, 600, as I stated. (See page 16 of the 3rd source)
For some types of 1099's, all amounts must be listed or amounts of 10 or more must be listed, but for most types of 1099 income, 600 or more is what must be listed.
The 5000 limit your friend mentioned refers to "direct sales of $5,000 or more of consumer goods for resale" on box 9 of a1099-MISC. This limit is not to determine whether or not you file, but rather an indicator of whether additional forms (Schedule C or Scedule C-EZ) may need to be filed. (see source 2 page 5 and source 3 page 16)
There is a chart on page 16 of the 3rd source below that lists these limits in great detail.
The 400 Limit mentioned by another answere applies to self-employment (SE) tax exemption, not income tax exemption. (See page 5 of the second source)
"U.S. tax law requires businesses to submit a Form 1099 for every contractor paid at least $600 for services during a year."
http://en.wikipedia.org/wiki/IRS_Form_99...
http://www.irs.gov/pub/irs-pdf/f1099msc.
http://www.irs.gov/pub/irs-pdf/i1099gi.p...
Yes,
How are Dividends taxed on investment income in Canada?
Answers: Dividends are taxed as income. However, there is also a dividend tax credit to offset that. The exact amount you pay depends on your marginal tax rate.
The government has info on it here:
http://www.cra-arc.gc.ca/tax/individuals...