Who Is Exempt Of Paying Income Taxes ?
Tax exemption is a certain status which gives the freedom to an organization or an individual not to pay all or certain taxes. Tax exemption is the rare exception given to certain organizations on the basis of their goals and targets. This exemption is generally associated with public sector. Organizations who concentrate on public interests are more likely to achieve the status of tax exempt organizations. |
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There are certain criteria which qualify people or organizations for tax exemption. People, who are under the age of 65 and are earning under $8,950, are already classified in the tax exempted category. If married, under the age of 65 and both of the spouses earn under $17,900, they are exempted from paying income tax. If a widow with a dependant child is earning under $14,400, then she is also exempted from paying taxes. The same goes for people who are self employed and their earnings are under the same amount.
People, who are over the age of 65 and are single earners earning under $10,300, can file for tax exemption. Married and both earning $20,000, the couple can file for tax exemption. A widow over the age of 65 and has a dependant child and earning up to $15,450, she is also qualified for tax exemption.
If an individual is below a certain age and is earning, then they need not file for tax returns. They can be included into the tax returns of their parents. Any individual below the age of 19 need not file his or her tax returns. Certain non profit organizations can also apply for tax exempt status.
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