Tax Question....I know, I know--OT, 8-)
#1
Berry Pie..the Holy Grail
Thread Starter
Join Date: Nov 2004
Location: Weaving thru the cowpud outside Modesto CA
Posts: 1,122
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Likes: 0
Liked 0 Times
in
0 Posts
Sorry for the Off Topic post, but I respect the accumulated knowledge here.
My 19 year old son just walked by waving his W-2 for his part-time job. He made $7,530 and I claim him as a dependent. Question: what's the federal minimum gross taxable income before any income taxes need be paid? Can I assume California is the same? Thanks for any info.
My 19 year old son just walked by waving his W-2 for his part-time job. He made $7,530 and I claim him as a dependent. Question: what's the federal minimum gross taxable income before any income taxes need be paid? Can I assume California is the same? Thanks for any info.
__________________
..... "I renewed my youth, to outward appearance, by mounting a bicycle for the first time." Mark Twain, Speeches
.
..... "I renewed my youth, to outward appearance, by mounting a bicycle for the first time." Mark Twain, Speeches
.
#2
Senior Member
Join Date: Feb 2006
Location: Fort Collins, CO
Posts: 1,065
Bikes: Shasta Kiliminjaro, Optima Dragon Recumbent
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Likes: 0
Liked 0 Times
in
0 Posts
I looked this up, and I don't remember the figure, but it's definitely less than $7000.
__________________
Jim
Make a BOLD Statement While Cycling!
Jim
Make a BOLD Statement While Cycling!
#3
Senior Member
Join Date: Oct 2004
Location: Huntington Beach, CA
Posts: 7,085
Bikes: Cervelo Prodigy
Mentioned: 4 Post(s)
Tagged: 0 Thread(s)
Quoted: 478 Post(s)
Likes: 0
Liked 87 Times
in
67 Posts
Your son is your dependent, so the only thing he gets is the standard deduction of $5,000. I assume he is a full time student and that's why you claim him as a dependent. His taxable income is $2,350 and his tax liability is $236.00. Assuming the employer withheld taxes for Federal, he should be paid up or get a refund.
Calif standard deduction is $3,254 so his taxable income is $4,096 and the tax liability is $41.00. The W-2 Calif withholdings should cover it.
Calif standard deduction is $3,254 so his taxable income is $4,096 and the tax liability is $41.00. The W-2 Calif withholdings should cover it.
#4
Berry Pie..the Holy Grail
Thread Starter
Join Date: Nov 2004
Location: Weaving thru the cowpud outside Modesto CA
Posts: 1,122
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Likes: 0
Liked 0 Times
in
0 Posts
Garfield (and OilFree)........thanks for your trouble and your answers. David.
__________________
..... "I renewed my youth, to outward appearance, by mounting a bicycle for the first time." Mark Twain, Speeches
.
..... "I renewed my youth, to outward appearance, by mounting a bicycle for the first time." Mark Twain, Speeches
.