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The adjusted gross income of the taxpayer, not counting this deduction, does not exceed $16,000. In determining whether or not a taxpayer is a Qualified Performing Artist, the two employers stipulated in IRC § 62(b)(1) must each pay wages to the taxpayer in an amount equal to, or greater than, $200.
The gross income threshold varies according to the individual’s filing status and age. For example, a single person younger than 65 must file a tax return if they earn more than $13,850. This ...
The filing of Federal tax returns is required under federal law. Individuals who receive more than the statutory minimum amount of gross income must file. [3] The standard U.S. individual tax return is Form 1040. There are several variations of this form, such as the 1040EZ and the 1040A, as well as many supplemental forms.
In addition, an additional Medicare tax of 3.8% will apply to unearned income, specifically the lesser of net investment income or the amount by which adjusted gross income exceeds $200,000 ($250,000 for a married couple filing jointly; $125,000 for a married person filing separately.) [62]
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
Single taxpayer making $40,000 gross income, no children, under 65 and not blind, taking standard deduction; $40,000 gross income – $6,350 standard deduction – $4,050 personal exemption = $29,600 taxable income amount in the first income bracket = $9,325; taxation of the amount in the first income bracket = $9,325 × 10% = $932.50
Gross income includes "all income from whatever source", and is not limited to cash received. Income from illegal activities is taxable and must be reported to the IRS. [25] The amount of income recognized is generally the value received or which the taxpayer has a right to receive. Certain types of income are specifically excluded from gross ...
Form W-2 must be completed by the employers and be in the mail to be sent to employees by January 31. The deadline for filing electronic or paper W-2 Forms to the Social Security Administration (SSA) is also January 31. [6] If over 250 instances of Form W-2 are being filed for the year, electronic filing is required. [7]