Tax Question

Discussion in 'Taxes and Accounting' started by redbull13, Nov 30, 2005.

  1. Hello,
    As some of you may already know I'm 19, in college, and trading. My question is, at what income level do I have to start paying taxes? Hypothetically, if I were to make 10k this year, would I have to pay any tax at all? I don't know the first thing about taxes, so if someone could help clarify this situation, I'd greatly appreciate it. Thanks in advance.
  2. magicz


    you make anything over the standard deduction then you will have to pay taxes on it
  3. I live in Canada so the taxes are quite different. But yes, you would pay taxes if you only made 10k a year. You will not pay as much because you are a student and live on low income, but you still would have to pay taxes.
  4. Ok, disregarding the fact that I'm 19 and in college, how do tax rates differ among different income levels, and is there some income level where if you are below it you don't pay anything?
  5. Kinda hard to tell you that when I don't know where you live. Search for your state tax rates, it's not hard to find. If you cannot find it online, look around your school library.
  6. I'm from Chicago.
  7. Well look up your tax rates then...