2004 Personal Income Tax Rate
First of all, if you did not make over a certain amount of money during the year (this amount varies depending on your living situation), then you do not owe any taxes. If you invest in the stock market, you'll have to pay capital gains taxes when you sell your shares. After a year of work, you'll need to pay or file your taxes. First, you will need to pay taxes on anything you earn or make - even if you are not getting the money directly through your job. You can also deduct certain expenses, including money that you spend on equipment for your own business if you have one. You will still need to file, but any money that was spent on taxes during the previous year will be sent back to you. For instance, if you go to a casino and win a large amount of money, you'll have to fill out a tax form before the casino is allowed to let you cash out. However, these are definitely not the only types of taxes that people come across early on. Chances are, if you work for a major company, your federal income taxes are taken out of your paycheck before you even get it. In this case, you will only need to file your taxes during the first few months of the year after you earned the money. Excise taxes are the taxes