Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For 2022, a single filer earning $10,275 or less doesnt need to file federal taxes. (And there are limits for other filers, as well.) However,

For 2022, a single filer earning $10,275 or less doesnt need to file federal taxes. (And there are limits for other filers, as well.) However, there are several reasons why filing might be to your advantage anyway: a. You may have had federal taxes withheld and you can get that money back by filing. b. Your state may require filing anyway, and state taxes are based on federal taxes. c. You may be claiming the education tax credit, which would be paid to you. d. You may be claiming the child tax credit, which would be paid to you. (Obviously this isnt for people filing single, as that means no financial dependents.) e. You may have had a least one quarter of 2022 earnings of $1,510 or more, and this only counts toward Social Security if you file your federal income taxes. (You need to file 40 qualifying quarters with Social Security before you, or your survivors, qualify for any benefits.)

Question: If a filer can claim all of 2022 toward Social Security contributions, what minimum 2022 income did they earn?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Creating Value in a Dynamic Business Environment

Authors: Ronald W. Hilton

11th edition

125956956X, 978-1259569562

More Books

Students also viewed these Accounting questions