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Subject:
Tax threshold in the US (California)
Category: Business and Money Asked by: nika44-ga List Price: $4.00 |
Posted:
31 Aug 2004 08:31 PDT
Expires: 30 Sep 2004 08:31 PDT Question ID: 395066 |
What is the maximum amount of money that I can earn in a year in California and do not have to pay any income tax for because it is considered so little? |
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There is no answer at this time. |
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Subject:
Re: Tax threshold in the US (California)
From: thinkthis-ga on 01 Sep 2004 08:41 PDT |
Considering if you are single, living in California, for tax year 2003: Regarding your Federal Return: if your Adjusted Gross Income (AGI) is under $7,000, then you will pay federal income tax of $0 in 2004 for tax year 2003. The standard deduction for 2003 is $7,800 so you could have up to $14,800 of EARNED INCOME and owe no federal income tax. Regarding your California Return: If your income is less than $10,220, not considering adjustments, you are subject to no California income tax. DO YOU HAVE TO FILE? Call IRS Teletax Information at 800-829-4477, listen to topic 351 to see if you have to file. Generally, even if you are not required by law to file, you have already been subject to income tax withholding and a refund will be owed to you. (form i1040EZ, page 9) If you have not filed for previous tax years and believe you are owed a refund, you can still file for the previous 3 tax years. Please remember that federal income tax is only a portion of the deductions from your earned income, and other taxes and withholding, such as state disability insurance, social security, and others, are not refundable. 2003 1040EZ tax form http://www.irs.gov/pub/irs-fill/f1040ez.pdf Revised 2003 federal tax rate schedules http://www.irs.gov/formspubs/article/0,,id=109877,00.html 2003 California 540EZ form http://www.ftb.ca.gov/forms/03_forms/03_5402ez.pdf?46362 Revised 2003 California 2EZ tax rate schedules http://www.ftb.ca.gov/forms/03_forms/03_5402ez_rate.pdf |
Subject:
Re: Tax threshold in the US (California)
From: thinkthis-ga on 01 Sep 2004 08:52 PDT |
Another detail just occurred to me. If you are an individual who may be claimed as a dependent on another person's return, then you will be unable to claim the standard deduction on your own return, thus increasing your taxable income by the standard deduction. So, the revised figures for a dependent applies: 2003 income of $7,000 or less is subject to no federal income tax. 2003 income of $7,150 or less is subject to no California income tax. The IRS and the California Franchise Tax Board both offer telephone filing, which makes filing easy and hassle free if you are eligible. United States Internal Revenue Service http://www.irs.gov/ California Franchise Tax Board http://www.ftb.ca.gov/ |
Subject:
Re: Tax threshold in the US (California)
From: nika44-ga on 07 Sep 2004 05:37 PDT |
Thank you! |
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