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Yes.
There are various tax credits that can reduce your tax to zero.
For example, the child tax credit, the Earned Income Credit (EIC), the Saver's tax credit, and so on.
But you still need to file a tax return. The IRS does not know that you qualify for any of these credits unless you file and claim them. If you don't file, the presumption is that you don't qualify. yes you can
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What is the difference between gross income net income and taxable income?
Gross income is the raw income earned while net income is after deductions of interest taxes while taxable income is that income on which tax is calculated.
Which section of the income statement does not report net of income taxes or net of income?
Trading account statement does not report net of income taxes or net of income.
Are state income tax payments deductible on a corporate tax return?
Yes. State income (and net worth based) taxes are deductible from taxable income for Federal income tax purposes.
What is the income tax rate in Georgia?
It depends on the filing status. For 2007: Joint or Head of Household: Tax is computed at a graduated rate and is assessed in a range from one to five percent on the first $10,000 of net taxable income (total tax on first $10,000 of net taxable income is $340) plus six percent of the excess of net taxable income over $10,000. Single Return: One to five percent of the first $7,000 of net taxable income (total tax on the first $7,000 of net taxable income is $230) plus six percent of the excess of net taxable income over $7,000. Married Couple Filing Separate Return: One to five percent on the first $5,000 of net taxable income (total tax on the first $5,000 of net taxable income is $170) plus six percent of the excess of net taxable income over $5,000. http://www.etax.dor.ga.gov/taxguide/TSD_Tax_Guide_for_Georgia_Citizens_2007.pdf
Net income is equal to your gross income plus taxes?
That would do it for me, but unfortunately for me my net income is equal to my gross income minus taxes.
What is the difference between gross income net income and taxable income?
Gross income is the raw income earned while net income is after deductions of interest taxes while taxable income is that income on which tax is calculated.
Why do pro athletes pay taxes?
Everyone who earns income, from whatever source, is required to pay taxes on their net taxable income. There is no exception for professional athletes.
Which section of the income statement does not report net of income taxes or net of income?
Trading account statement does not report net of income taxes or net of income.
Are state income tax payments deductible on a corporate tax return?
Yes. State income (and net worth based) taxes are deductible from taxable income for Federal income tax purposes.
What is after taxes net or gross?
Net Income is after taxes.
What is the Georgia income tax rates?
It depends on the filing status. For 2007: Joint or Head of Household: Tax is computed at a graduated rate and is assessed in a range from one to five percent on the first $10,000 of net taxable income (total tax on first $10,000 of net taxable income is $340) plus six percent of the excess of net taxable income over $10,000. Single Return: One to five percent of the first $7,000 of net taxable income (total tax on the first $7,000 of net taxable income is $230) plus six percent of the excess of net taxable income over $7,000. Married Couple Filing Separate Return: One to five percent on the first $5,000 of net taxable income (total tax on the first $5,000 of net taxable income is $170) plus six percent of the excess of net taxable income over $5,000. http://www.etax.dor.ga.gov/taxguide/TSD_Tax_Guide_for_Georgia_Citizens_2007.pdf
What is the income tax rate in Georgia?
It depends on the filing status. For 2007: Joint or Head of Household: Tax is computed at a graduated rate and is assessed in a range from one to five percent on the first $10,000 of net taxable income (total tax on first $10,000 of net taxable income is $340) plus six percent of the excess of net taxable income over $10,000. Single Return: One to five percent of the first $7,000 of net taxable income (total tax on the first $7,000 of net taxable income is $230) plus six percent of the excess of net taxable income over $7,000. Married Couple Filing Separate Return: One to five percent on the first $5,000 of net taxable income (total tax on the first $5,000 of net taxable income is $170) plus six percent of the excess of net taxable income over $5,000. http://www.etax.dor.ga.gov/taxguide/TSD_Tax_Guide_for_Georgia_Citizens_2007.pdf
Does an individual who sells a used car have to pay taxes on the money collected for the sale of the car?
Legally he has to pay income tax on the net profit from the sale. It is income and therefore is taxable.
Net income is equal to your gross income plus taxes?
That would do it for me, but unfortunately for me my net income is equal to my gross income minus taxes.
What happens to a net personal income with the government lowers taxes?
If the government lowers your taxes your NET income increases.
How do you calculate your net income after taxes?
Your income before taxes is your operating income, and your income after taxes is your "net" income. * + Net Sales (Sales - Returns) * - Cost of Goods Sold * ------------------------------------ * = Gross Profit (Gross Margin, Gross Income) * - Operating Expenses * ------------------------------------- * = Operating Income * + Gains (not related to usual operations) * - Losses (not related to usual operations) * ----------------------------------------------------- * = Earnings before Interest and Taxes * - Interest * - Taxes * ------------------------------------------------------ * Net Income
How do you calculate the taxes you owe on a 1099 form?
1099 is used to report many different things...there are like a zillion different ones. The income - or expense - reflected just becomes part of the calculation of your tax due on net taxable income...in itself it is neither taxed or deducted.
