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In your situation you probably would want to file the federal 1040 income tax return because you could possibly qualify for some of the tax credits if you qualify for them and IF this income is qualified earned income for the tax credit purpose.

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Q: If income is seven thousand dollars do you file taxes?
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Related questions

What is the basic rate for Maryland taxes?

The basic rate for Maryland taxes is two percent of the taxable income. This is the rate for when the amount of taxable income is less than one thousand dollars.


How much do you get out of million dollars after taxes?

600 thousand


What is your average tax rate if your taxable income is eighty-six thousand dollars and you paid taxes of eighteen thousand dollars?

(18000/86000) x 100 = (18/86) x 100 = (9/43) x 100 = 900/43 = 20.93%


How much taxes would be owed on thirty thousand dollars?

four thousand


What is the minimum income to stop filing taxes?

about 10,000 dollars per year


How much money is taken in federal taxes for every thousand you make?

Your employer would be able to give you the percentage amount that would be withheld from your pay for the total of all taxes on the 1000 amount. Social security, medicare, federal income taxes, state income taxes, local income taxes, etc.


How much are taxes in Florida on 5000 dollars?

None. Florida doesn't have State Income taxes and the threshold for Federal Income taxes is more than $5000 as the Standard Deduction for a single person for 2014 is $6200.


How much taxes do i have to pay on 4000 dollars?

This will depend on the source of the income and what form it is reported to you on.


What does 1.2 million dollars mean?

1.2 million dollars is 12 hundred thousand dollars. In other words, it is one million two hundred thousand dollars. ($1,200,000) The government will get 522,659.55 of it in taxes , leaving you with 677,340.45.


Why would you get a return from federal tax when you had no taxes with held from unemployment was unemployed the whole year and filed jointly married with total income below forty thousand dollars?

Because the other taxpayer on the MFJ income tax return had more income tax withheld from the pay than what the federal income tax liability was when the income tax return was completed.


If you make 10000 dollars a year do you have to file income taxes?

Yes and you could have a federal income tax liability when you complete your income tax return correctly.


What are the taxes on a three hundred thousand dollar prize?

In Australia there is no tax on prize money as it is not considered income.