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If the money is given to you as a no-strings-attached gift, no.
Money given to you by your employer or in exchange for goods or services is not a gift no matter what you agree to call it.
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∙ 15y ago
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What do you call money that a state or nation collects?
Tax is the name given to the money that is collected by a given state or nation. All people working in a given country are usually expected to pay taxes. This is how the government raises to money for different projects
Does IRS tax regular IRA distributions?
Yes, IRA distributions are taxable. You do not pay tax while the money is in the account, but you pay tax when you withdraw the money.
How much tax do ypu pay on 26000?
on an estate settlement how much money in tax will i pay on $26000.00
If you receive money from your grandparents do you have to pay tax?
No. They may have to pay gift tax. See discussions under that topic.
When you pay more than you owe in taxes and the IRS gives you money back, that money is called _________. A. A tax refund B. Gross pay C. Estimated tax D. An audit?
A. A tax refund
Do you have to pay tax on money given to you by your parents?
No, unless the amount is over $500
Do you have to pay taxes on money being paid back to your employer?
Depends on what the payback is for...if it for an overpayment of wages that were taxed when mistakenly given to you, you would not pay tax on that.
What do you call money that a state or nation collects?
Tax is the name given to the money that is collected by a given state or nation. All people working in a given country are usually expected to pay taxes. This is how the government raises to money for different projects
What is a tax that you pay on the money you earn?
To answer your question, the taxes you pay on the money you earn (salary, income) is called income tax.
What do you call money that a state or nation collects called?
Tax is the name given to the money that is collected by a given state or nation. All people working in a given country are usually expected to pay taxes. This is how the government raises to money for different projects
Does IRS tax regular IRA distributions?
Yes, IRA distributions are taxable. You do not pay tax while the money is in the account, but you pay tax when you withdraw the money.
What type of business needs to pay tax and what type of business do not need to pay tax?
you pay from your job money
How much tax do ypu pay on 26000?
on an estate settlement how much money in tax will i pay on $26000.00
Do the wealthy pay income tax?
The wealthy do pay income tax, and since the wealthy have more income, they must pay more money in income tax.
If you receive money from your grandparents do you have to pay tax?
No. They may have to pay gift tax. See discussions under that topic.
How much tax does a billionaire pay?
Plenty! You don't "pay tax" or "not pay tax" just because you're a "Billionaire" You are libel for tax on money you earned in a given year. If you purchase a new Jet aircraft worth $2.500,000, you will pay a% for sales tax. (i.e. 5% is $125,000). Let's say you put this money in a bank and let it draw interest at 6%; that's about $6,000,000. earned income; the US Gov't expects 52% a little over $3,500,000. Still thing the rich don't pay their share????? and think again.
Who or what will pay for the royal wedding?
The Tax's they take out of your Money.
