September 29, 2014
How much can a single person earn in 2014 before paying federal income taxes? Married person? Why?
How much can a single person earn in 2014 before paying federal income taxes? Married person? Why?
In 2014 a single person can make up to $6200 and not pay federal taxes on that, while a married person can make $12,400 as a couple and not pay taxes on that for federal, this is because the married couple are 2 people filling one return. Everyone gets a standard deduction (unless someone claims you as an dependent) which in 2014 is $6200. So this is the amount that gets deducted from your taxable gross income, so you can really make $6200 when single and not pay taxes on that, or $12400 if your a married couple.
You are mighty close, Garrett, but there is something left out of this equation. Anyone?
I believe I am missing the Personal exemption of $3200 per person. In the calculation, so 9400 per person would be the tax cut off for single or 18800 for a couple.
My bad its $3950 for personal exemption this year, typed wrong number in.
Your persistence is admirable, Garrett. Let’s review.
A single person can make $10,150 ($6,200 standard deduction and $3,950 personal exemption) and a married couple filing jointly can make twice that amount ($20,300) in 2014 and pay no federal income tax. Federal income taxes only start after those numbers and they start at the 10% tax bracket. Of course, this only applies to individuals who are responsible for their own tax return. If you are declared as a dependent on someone else’s return, the numbers change.
you start paying taxes when your taxable income reaches single $9075
married $18150
Head of house $12950