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Adjusted Gross Income includes your taxable wages, pensions, interest, dividends, other taxable income and tax-exempt income. If you have provisional income of less than $25,000 ($32,000 if you are married and filing a joint return, none of your Social Security benefits will be taxable. If your provisional income is between $25,000 and $34,000 ($32,000 and $44,000 if married and filing a joint return) up to 50% of your benefits may be taxable. If your provisional income is more than $34,000 ($44,000 if married and filing jointly) up t 85% of your Social Security benefits may be taxable.
Otherwise, you would report your income and then take these deductions; this would result in a zero or negative balance, so there would be nothing to tax. The standard deduction is $6,200 for a single taxpayer for the 2014 tax year, and personal exemptions are worth $3,950 each. Therefore, you can earn $10,150 before you have to pay taxes. This goes up to $10,300 for the 2015 tax year. Rules for Dependents. Different rules apply if someone can claim you as a dependent on his tax return. You can't claim an exemption for yourself if you're a dependent, so you're limited to the amount of the standard deduction. You must file a return and pay taxes on income that exceeds $6,200 in 2014 and $6,300 for the 2015 tax year. This rule only addresses earned income, however. If you have unearned income, such as income from interest or investments, speak with a tax professional about the different rules that apply.