If a full-time student made just over 2000, do they have to pay taxes.?
455099
YOU SHOULD BE ABLE TO DEDUCT SOME OF YOUR TUITION AND SUPPLIES.  YOUR SCHOOL SHOULD HAVE SENT YOU A FORM FOR TAXES!
771176
Income upto Rs.100000 was exempt from tax .Remaining 110000 we can deduct portion of educational loan repaid.For eg if u reapaid rs.50000 then u can deduct 50000 from rs.110000 if u didn't repaid any amount then u cannot claim.\nAfter deducting the portion of educational loan tax amount is calculated as\nFor first 50000@10%\nFor next 100000@20%\nFor remaining amount @30%
455035
You will have to wait until next year to file that income since it was recieved in 2006.  What you can do is pay estimated taxes on the amount you just recieved if you haven't already been taxed on it.
243889
Did you do the FAFSA form.  I am kind of in the same boat.  I didn't go to school and I worked instead.  Now my FAFSA info will be based on my income of 20,000 even though if i go to school full-time I won't be making any money.  We should keep in touch and encourage each other.  I hate feeling like I have an "impossibbility complex" over something as simple as going to school.  If you can work out something to get through your first year, you will be eligible next year.  Take student loans, it should be worth it.  If you click my name, there is a link on my profile to send me an email.  Feel free!
682452
Contact your local tax office to find out exact procedures.\n\nAlso if you have student loan repayments you will have to contact them too.
280383
Only if they were in a Roth.  You don't pay state taxes on them.
1069135
It depends on how much you earned and what your residency status was. If you earned less than £5000 in any year, it is possible. If you earned more, it is still possible if you were not employed for the whole year. However, if this was before 2000, you have left it too late.\n\nYou will need proof of your earnings and tax deducted though, and there is a possibility that if you ask for a review, HM Revenue & Customs may find you actually owe them unpaid tax.\n\nYou should have filled out a form P85 (or P86, I forget which) when you left the UK, which would have sorted out if a refund was due for the year you left.\n\nTry www.hmrc.gov.uk to find out where to contact.
100700
yes you still have to pay taxes. Just not on the money you put into the 401k.  Also if i were you id put as much as your employor matches then put the rest in to a roth ira if your younger especially
128373
as long as you provided over half of his support and he didnt make to much money than you can claim him. the not over 18 unless a full time student than it is up to 24 years of age rule  (the quy above me was talking about) is only applied to the earned income credit. a dependent can be eny age its just that the child credits go by age. i do taxes.
362796
You should consult a tax professional in NZ for the specifics.  I would assume that if you pay all the taxes due in the US, you shouldn't have to pay anything over there.  INCOME tax should be paid where you make the income, which is a business in the states.  NZ shouldn't be able to tough it.
73094
The 20k will be treated as income, and so you have to pay income tax on it. (both federal & state)
1079888
Our tax system is a "pay as you go" system. We have to pay taxes as we make the money. Which is why we have the regular withholding out of a paycheck, etc... at the end of the year we reconcile taxes paid vs. taxes owed, etc.. via a 1040 form, but paying taxes is not a "yearly" event. It is a pay as you go event. That is how the system is set up. If you expect to owe more than $1000.00 at the end of the year, you must make estimated tax payments.
612065
Yes...you have to pay a hefty tax on that money at the end of the year (when you file your Federal Return).
787339
If the loan is for your education, and your parents take the loan out to pay for your education, and your parents are responsible for paying the loan back, then they can claim up to $2,500 per year of interest on the loan (assuming they pay it) as a deduction on the front page of their 1040.  Now, there are a few exceptions, as there always are with taxes.  Your parents can't file as Married Filing Separately.  If they file as Married Filing Jointly, they can't claim the entire $2,500 if their adjusted gross income (AGI - bottom number on the front page of their 1040) is above $105,000, and they can't claim any of it if their AGI is above $135,000.  If your parent files as single, then the $105,000 becomes $50,000 and the $135,000 becomes $65,000.
1171353
Yes, they pay SS tax just like everyone else. In fact because some are self employed, they pay twice as much. The "company's" share and the "employee's" share.\n\nThere is no exemption if you earn more than $100,000!!! You pay the max!!
771367
Dedudtions are items/amounts used to adjust your income downwards in order to reduce your taxable income.  After this is done, you take that amount and determine how much you were liable to pay in taxes.  Credits then come in to reduce that tax iability. You must qualify for a credit in order to take it.  \n\nTuition and fees: taxpayers may deduct up to 4000.00 as an adjustment to income for qualified tuition and course related expenses.  These are for students enrolled in a degree program for undergrad or grad level courses (not incl. room & board).  You are also only allowed to deduct the expenses you paid yourself.  Anyone making over 65K a year will have a reduction to the maximum 4K.  \n\nStudent loan interest - an itemized deduction that is interest paid on qualified student loans the taxpayer is currently still paying off.\n\nHope Credit - students enrolled in a degree, certificate or other program leading to a recognized credential that is pursued on at least a half-time basis qualify for this credit.  The credit is 100% of expenses up to 1K and 50% of expenses within the next 1K.  It is only eligible to students who haven't completed their first two years of post-secondary education.\n\nLifetime Learning Credit - 20% of the total qualified expenses for all eligible students on the tax return.  Maximum per tax return is 10K.  Qualified expenses are for undergrad & grad students, and any courses taken to aquire or improve job skills of the student.  \n\nAsk your teacher, you may qualify to use the class your taking as a lifetime learning credit.
223478
If you were a part year resident in a state where you earned no income, but did earn income during that tax year, you'd want to check the resident filing requirements for that state to see if any of your income is taxable even though you earned no income in that state.  \n\nAs a similar example, I live in State A and but only earn income in State B.  Because I'm a resident of State A, I pay income tax there (and in State B) even though my income is earned entirely in state B for the entire year.