do i have to pay federal income taxes if I earn UNDER $20,000 a year?

My employer didn't withhold ANY federal taxes. I was told I don't have to pay federal income tax if I earn UNDER $45,000. Since I earned under $20,000, should I pay any taxes. When I figured out my taxes, it says I owe over $1,400 AND I could get a penalty since my employer didn't withhold taxes.

Public Comments

1. If you made over $3,000/year you need to file a tax return. You have until April 15th to file a tax return, so you better get on it! If you're still employed with that same person make sure you filled out your W-4 correctly so that the proper amount is being withheld from your paycheck.
2. Who told you that you didn't have to pay taxes if you earn under $45,000? Whoever it was is dead wrong. Only if you made under $8,750 (if you are single and not a dependent) do you do not have to pay taxes or file a return. You will need to make sure your allowances on your W-4 are correct. You shouldn't be exempt from federal taxes (as you found out the hard way). Talk to your employer and make sure they take out federal taxes from your paychecks from now on, and no you shouldn't have to pay a penalty.
3. Yes, you have to pay. I've never heard that you don't have to pay federal income if you are under $45,000. If that was true lots of people wouldn't have to file.
4. Whoever told you you owe no taxes was misinformed. You must file both federal and state income tax forms if your state has an income tax. The only way your employer could have legitimately not withheld taxes is (1) because you asked him not to via the W-4, or (2) your income was reported on a 1099-MISC and you're considered or may be considered self-employed. Make sure you have someone experienced in tax matters look over your draft tax forms to ensure you did them right and are not overlooking deductions, adjustments or credits you might otherwise be entitled to. And also get with your employer (if you got a W-2) ASAP to get your withholding corrected for this current tax year (2008). Good luck.
5. Yes. Assuming that no one claims you as a dependent, you would owe taxes if you made over $8750 for 2007. Someone has grossly misinformed you.
6. You don't have to pay anything if you make less than $8,025. If you're a single filer and your 2008 taxable income is $20,000, then you're in the 15% tax bracket. With $40,000 of taxable income you would be in the 25% tax bracket.
7. Whoever told you that you don't have to pay federal income tax if your income is UNDER $45,000 was WRONG! If you're single and under 65, you have to file a return if you make over $8,750 per year (that's the sum of your one exemption plus your standard deduction). If you made $20,000 in 2007, you subtract the $8,750 to get your taxable income ($11,250), which means you'll owe about $1,300 in taxes. And you're right, you will have to pay a penalty for being underwithheld. Why didn't your employer withhold any taxes? If it was because you filed a W-4 as EXEMPT, you need to file a new one for 2008 showing a corrected number of exemptions. If the employer didn't withhold taxes without any instruction from you, then they have broken the law.
8. If you made over $8,750 then yes you have to file your taxes. You received very bad information regarding your taxes. Didn't you review your pay stubs throughout the year and notice that no federal taxes was being taken out? By the way if you owe more than $1,000 you will be paying penalty.