What is the income limit before you have to pay taxes?
December 23, 2008
karla c asked:
We are a family of five, me, my husband, an eight, four, and two year old kids. We always file a joint return and I don’t work. This year our income was $27,758. This year my husband got a raise and I am scared that we might have to pay taxes back to the IRS. I have heard that as long as your yearly income doesn’t exceed $30,000 you don’t have to pay back taxes.we live in the state of south carolina and my husband is a self employed painter.
We are a family of five, me, my husband, an eight, four, and two year old kids. We always file a joint return and I don’t work. This year our income was $27,758. This year my husband got a raise and I am scared that we might have to pay taxes back to the IRS. I have heard that as long as your yearly income doesn’t exceed $30,000 you don’t have to pay back taxes.we live in the state of south carolina and my husband is a self employed painter.
December 24th, 2008 at 3:15 pm
Any thing over $3,000.00 you must turn in or they will come get you I’m one of them
December 26th, 2008 at 4:00 pm
I don’t see someone in your position having to owe taxes.
December 27th, 2008 at 2:53 pm
How did he get a raise if he is self employed? You must file a return chances are you will get a refund with 3 kids and under 34,000 in income you will qualify for earned income credit. Do they withhold federal tax at his job? does he get a 1099 or W 2
December 30th, 2008 at 12:00 pm
I am not a tax professional but I will tell you this: my friend was working. Had a wife and two kids. Single income: $40,000. After all the deductions for dependents etc. his family was basically listed as being below the poverty level and didn’t have to pay taxes. As your husband has five dependents on a single income, you should have no problems.
Even if it costs you a couple hundred now, you should seriously think about seeing a tax advisor because even with a raise, with a properly done tax return your family should be paying no tax to the government with the number of kids you have. You can save yourselves thousands a year.
January 1st, 2009 at 1:38 pm
You heard wrong. The size of a family has no bearing has no bearing on whether or not a tax liability exists or not. It depends on the level of income and related deductions.
Even though you may not have an income tax liabity this year, you will have Self-Employment (Social Security) Tax liability of roughly $4000.