The better practice, when negotiating a physician employment agreement, would be to NOT automatically assume, in laying out the effect of termination, that termination without cause means the employee is without fault. Instead, the employer would be better served in taking a more hard-line approach. For example:
If you are single and under age 65, you can earn up to $9,499 in a year and not file a tax return. Should you be 65 or older, you could earn up to $10,949 and be exempt from filing a federal tax return. However, you may qualify for an Earned Income Tax Credit, which is refundable in cash to you. Also, if you've had income taxes withheld, you should file to receive a refund of your money. Married Taxpayers Filing Jointly If both married taxpayers are under 65, they can earn up to $18,999 and not need to file a return.
Lots of nannies think if they earned less than $1,800 last year from a family, that income is tax-free. No such luck. The $1,800 rule applies to parents, not nannies. So if a family paid you less than $1,800 in 2013, the family doesnât have to report or pay taxes on those wages.However you still have to report and pay taxes on those wages.(Itâs the IRS, did you expect this to make sense?) And those wages can add up. If you babysat for 5 families throughout the year and each family paid you $1,000 in babysitting wages, you have an extra $5,000 to report.owever you still have to report and pay taxes on those wages. (Itâs the IRS, did you expect this to make sense?) And those wages can add up. If you babysat for 5 families throughout the year and each family paid you $1,000 in babysitting wages, you have an extra $5,000 to report.