Who Doesn't pay any Income Tax

[Rusty Hills Farm]

Quote:
Well, you got part of it right - you pay taxes on SS if its over half of your yearly amount given by SS or $12,000.00 I believe it says on the tax form and if you have any other income coming in, be it your own or someone elses (SO, wife, etc). There is a certain amount it comes out to, the form says enter the lesser amount of either line 1 (your yearly amount) or 32K...it usually ends up being the first line, then mulitply that by .85 and thats what you have to pay taxes on if you hit that bracket once you do the worksheet. We have to pay taxes on 85% of my SS due to DH's income, and it sucks...I dont have it taken out during the year because I dont get that much, but due to DH's income, we end up having to pay taxes on nearly all of my benefits, and 85% is the max.

That IS basically what I was trying to say, though. You don't pay unless you make above a certain amount ($12,000). If all you get is SS, you do not pay taxes on it. My SO does not make $12000 so he does not pay income taxes. What I make does not enter into it since we are not legally allowed to file a joint return.

Rusty

 

[HennysMom]

for those that are married - do you all claim exemptions all year long or at the end of the year?

We are married and DH pays taxes in using the Married at a Single rate - claiming no exemptions, so while we pay out a higher amount in his paychecks, we are gaurenteed not to 1. owe anything at the end of the year.. and 2. always get a large refund back.

Just a thought....

 

[HennysMom]

Quote:
Well, you got part of it right - you pay taxes on SS if its over half of your yearly amount given by SS or $12,000.00 I believe it says on the tax form and if you have any other income coming in, be it your own or someone elses (SO, wife, etc). There is a certain amount it comes out to, the form says enter the lesser amount of either line 1 (your yearly amount) or 32K...it usually ends up being the first line, then mulitply that by .85 and thats what you have to pay taxes on if you hit that bracket once you do the worksheet. We have to pay taxes on 85% of my SS due to DH's income, and it sucks...I dont have it taken out during the year because I dont get that much, but due to DH's income, we end up having to pay taxes on nearly all of my benefits, and 85% is the max.

That IS basically what I was trying to say, though. You don't pay unless you make above a certain amount ($12,000). If all you get is SS, you do not pay taxes on it. My SO does not make $12000 so he does not pay income taxes. What I make does not enter into it since we are not legally allowed to file a joint return.

Rusty

ahhh.. I gotcha...

 

[Rhett&SarahsMom]

Quote:
thats what we do every year. I even had more being taken from my part time paycheck than "necessary"
My office manager questioned me on it before she filed the paper work.

 

[warmfuzzies]

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[purr]

I'm a starving artist DH works Salary we claim joint 0 and we get a huge return back at the end of the year

 

[geareduplyn]

This thread started as a semi rant because I just learned that our new "Change We Need" President has reneged on his campaign promise about no Seniors who make less than $50,000 would have to pay any Income Tax. When he promised that I said "Whoa I can live with that", but it seems that Nancy and Harry told him it would never fly, so that's gone for now.

 

[HennysMom]

what politician has ever kept their promise?

geareduplyn

 

[illinichick]

We have a large farm family in our area, 4 brothers, spouses, and matriarch. they have said for several years that there is some "loop hole" and that they didnt have to pay taxes. Keep in mind, this is a very large hog operation and a couple thousand acres of farming. The IRS and banks discovered they were sending their money to off shore accounts and not claiming it. Two of the four just built new homes. When theyd went to apply for their farm loan and didnt list a normal amount of income, the bank and gov't became suspicious. Needless to say, most of them are serving prison terms. All have several children at home. Only one spouse was indicted with her husband because they owned a welding business, sold it and didnt report the income.

 

[HarlansHollowFarms]

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Mmmmm.... I made well under the $50,000 mark because of cutbacks and owe the IRS $350. I am making it just fine, I would like to pay less, but right now I am not hurting for anything.