What is the standard deduction for a single person that is filing their taxes?
349537
How much is my standard tax deduction? \nIf your filing status is:\n Your standard tax deduction is:\n If 65 or over AND/OR blind add for EACH \nSingle $5,000\n $1,250 \nMarried filing a joint tax return or Qualifying widow(er) with dependent child $10,000\n $1,000 \nMarried filing a separate tax return $5,000\n $1,000 \nHead of Household $7,300\n $1,250 \nDependent Children The greater of $800 OR the amount of earned income, plus $250. Not to exceed $5,000 unless the dependent is blind. If blind add $1,250.
248460
The IRS has free filing , It is pretty easy, I have been doing it for a couple of years now. I like it.
74388
If you are taking classes that directly benefit your business then you can take it as a full business expense.\n\nTo take it as a deduction from regular income you must be the primary income earner or spouse (filing jointly) you CANNOT be a dependent. "The tuition and fees deduction can reduce the amount of your income subject to tax by up to $4,000." It comes right off the top of your income and you don't need to itemize to take it. You need to file form A along with the 1040 long form. You might also want to check and see if you qualify for the HOPE or Lifetime learning deduction. Check out the IRS site below.
101818
Since you made very low income you have very low deductions.\nIf you made less than $8,200 you don't have to file income taxes. But since you are a single mom, you may qualify for the Earned Income Credit (EIC) and the Child Tax Credit.\nAlso, did you pay someone to take care of your child?\nIf so you may have a Child Care Deduction.\nIf you don't want to pay for a tax professional you can file your taxes for free on the IRS website and your state website.\nIf you are in southern california e-mail me: dsts.tax@verizon.net\nHope this helps.
1080471
How does he declare deductions on his income tax?
183994
I ran an analysis earlier this year to determine the amount of AMT liability faced by a single individual living in NYC.  The AMT liability was $1,512 for an AGI of 200K, and $3,974 for an AGI of 250K.  Assumption is that the only itemized deduction is state/local income taxes (which is fairly large for a NYC/NY resident).\nThe AMT liability is linear within the 200-250K range for a single filer in NYC.\nWhat's interesting is that the marginal tax rate for someone in this range is 41.5% if they are not subject to AMT, but 46.4% if they are.  It is much higher in the 210-270K range under my above assumptions because this is when the individual is facing the 28% AMT marginal rate as well as the exemption phaseout.\nThe above is for the 2005 tax year.
344400
You can do whatever you want with your witholdings.  You just have to remember that you'll have to make up the difference when you file your taxes at the end of the year.\n\nHowever, instead of going exempt, just change your deductions.  If you're currently filing single and 1, bump it up to single and 10.\n\nThe government doesn't care what you put on there, just so long as you square up with them at the end of the year.
233150
If you are able to itemizes your deductions when filling your personal income tax any money withheld or paid in the year in question is deductible.
57256
Well from your gross pay deduct the following\n1) Federal Tax\n2) State Tax\n3) Medicare\n4) Social Security\n\nThese are taken out of everyone's paycheck. After that you could have the following deductions as well\n1) 401 (k) or similar\n2) Health Insurance deductions\n3) Any otber type of pre tax deductions like health flex account, day care, etc..
365450
depends if its individual....and what form you filed, \n\ngo to:\n\nhttp://www.irs.gov/file/article/0,,id=100846,00.html
268931
It depends on where you live. Look it up at IRS.GOV
783199
You only pay taxes on your adjusted gross income minus deductions and credits, in other words, your Net Taxable Income. \n\nYou will be in a different federal tax bracket if you are filing single, or married filing jointly, or qualifying widow/widower, or married filing separately, or filing as head of household.  The tax bracket also changes depending on how much net taxable income you are reporting (line 43, form1040).\n\nFederal Tax Brackets are 10%, 15%, 25%, 28%, 33%, and 35% but, these percentages don't accurately portray the amount of tax due.  For each tax bracket, depending on your filing status, the bracket has a correction amount.\n\nFor example, someone filing Single, with a net taxable income of $6,000 would fall into the 10% tax bracket and owe 10% in tax.  This equals $600 in tax.  Looking up $6,000--$6,050 net taxable income in the tax tables, IRS Publication 17, shows a tax obligation of $603.\n\nAnother example, Someone filing Single, with net taxable income of $60,000 would be in the 25% tax bracket, but owe 25% of $60,000 minus $3,335.  That equals $11,665 in tax.   If you check the tax tables, starting on page 250 of IRS Publication 17, you will see a net taxable income $60,000--$60,050 shows a tax liability of $11,671.\n\nThe percentages and subtraction numbers are different depending upon your specific situation (your filing status and your level of net taxable income.)  Most people just use the tax tables and look up their net taxable income in the tables to find the tax they owe.\n\nHere's another way to compute the tax owed using the federal tax brackets:\nhttp://www.irs.gov/formspubs/article/0,,id=150856,00.html\n\nThe real problem finding your federal tax bracket is accurately determining your net taxable income.  The only way to do that is to complete a tax return and see how the numbers turnout.  Someone could have a high gross income but exemptions, deductions, and credits bring their net taxable income to zero.  In fact, some credits are refundable even if the taxpayer has no tax liability.
1073113
$18,720 - assuming you don't take any unpaid leave.\n\nThis would be before taxes and any other deductions.
42860
consult http://www.irs.gov\nIt depends on your income level. Likely you'll use the 1040 form if you're just filing personal income taxes.
313836
You should deduct 6.2% for social security purposes and another 1.45% for Medicare taxes.  As for federal income tax, you would deduct approximately 25% for a grand total of 32.65% for Federal purposes.  Depending on your state, your state income tax rate could be anywhere between 0% to 9%.
1102245
The minimum federal tax bracket is 15% so you pay 15% of whatever amount you earn each quarter.  And seeing that you overpaid your first quarter taxes (since 15% of $7000 is only $1050), you will receive a refund when you file your tax return next April.  However, you said you run a daycare, so any expenses you incur to run your business, like food, toys, etc. are tax deductible items so when you file your tax return next April, you should itemize these tax deductible items instead of taking the standard deduction and it should lower your tax.  And you do not need to hire anyone to do this for you.  You can do it yourself, just follow the instructions for each line on the 1040 form.
106555
The IRS has a simple equation thus,\nHow much did you earn.....+\nHow much did you spend...-\nGive us the rest...........=