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Quick Answer. How much someone has to earn before being required to file a federal tax return depends on age and filing status, according to the IRS. For most taxpayers with a single filing status under 65 at the end of 2014, gross income must be at least $10,150. Continue Reading.
This means that you could earn: 37400+6475 = Â£43,875 before paying the higher rate of tax of 40%. Remember that you only pay 40% on any income above the higher rate of tax, not your entire salary.So any pound over this amount will be taxed at 40 pence but any amount before will still only be taxed at 20 pence in the pound.eptember 11, 2011 at 12:51 am. Iâm currently on a salary of Â£35,000 a year paying ni and tax at 20%. Im wanting to do freelance work, but what can i earn before i pay 40% tax with my second income. The reason im thinking about a second income is to increase my chance in getting a mortgage.