I often get questions from readers asking common money questions. Most of the time, I give the best answer I can, and so I’m going to start sharing some of the more common ones here.
Do I Have to File Taxes?
Requirements change from year to year, so the following is based upon the 2009 tax year which ended December 31, 2009. You will need to file a tax return if your income meets the minimum for your filing status and age.
- Single – Minimum gross income for taxpayer under 65 is $9,300. The minimum gross for a taxpayer past 65 is $10,750.
- Head of Household – Minimum gross income for taxpayer under 65 is $12,000. The minimum gross for a taxpayer past 65 is $13,400.
- Married Filing Jointly – Minimum gross income for taxpayers under 65 is $18,000. The minimum gross for one spouse past 65 is $19,800l for two it is $20,900.
- Married Filing Separately – Minimum gross income for taxpayer under 65 is $3,650. The minimum gross for a taxpayer past 65 is also $3,650.
- Widow with Dependent Child – Minimum gross income for taxpayer under 65 is $15,050. The minimum gross for a taxpayer past 65 is $16,150.
Tax Brackets for 2010
The tax tables shown below are the projected federal income tax brackets for 2010:
- 10 percent Bracket: Single is $0 – $8,375; Married filing jointly is $0 – $16,750
- 15 percent Bracket: Single is $8,375 – $34,000; Married filing jointly is $16,750 – $68,000
- 25 percent Bracket: Single is $34,000 – $82,400; Married filing jointly is $68,000 – $137,300
- 28 percent Bracket: Single is $82,400 – $171,850; Married filing jointly is $137,300 – $209,250
- 33 percent Bracket: Single is $171,850 – $373,650; Married filing jointly is $209,250 – $373,650
- 35 percent Bracket: Single is $373,650+l Married filing jointly is $373,650+
Self Employed and Church Employees
There are specific requirements for people who are self employed or have church earnings. Therefore you must file if:
- Self employed earnings are greater than $400
- Church earnings are greater than $108.28
