Yes. Virtually all income taxes in the US are voluntary. That means the person responsible for them voluntarilarly, on his own, reports and pays them. Not that he has a choice about paying them or not, but how it is done. All the alternatives, which were used when that term was coined, were taxes basically imposed arbitrarilarly and taken by force. The Kings men came and said -"we will take 5 bushels of vegetable, 1 cow for the Kings table..and a barrel of that wine for our collecting it", and essentially came back whenever they wanted. Or you were told to bring an item of value to the rulers...again whenever they wanted and if you didn't you were killed and it was taken anyway. The King/Ruler/Emperor really owned everything, and any business was allowed only under his approval/gift and partnership. By the way, this all has been discussed many times in Courts...so many times, with so many more literate and researched answers...that now the Courts and Law has made it that trying to present an argument that "voluntary" means you have a choice to pay or not, is considered frivalous and tax protester and immeadiately dismissed and a triple the tax penalty.
In terms of Capital Gains Tax, a couple does not hold the amount jointly. Each spouse is only responsible for or gains from their part of the tax. If transferred it isn't considered a gain or a loss for either spouse.
The capital gains tax rates are determined by the type of investment asset and the holding period of the asset. In additional to the federal capital gains tax rates, your capital gains will also be subject to state income taxes. Many states do not have separate capital gains tax rates. Instead, most states will tax your capital gains as ordinary income subject to the state income taxes rates.
direct tax
If you sell your home and buy another, you may or may not have to pay capital gains tax based on what how much equity you have, what law is in your state about capital gains tax, and also your economic situation of how you spend your funds.
It is possible to make profits by buying shares, property etc. at a low price and then selling at a higher price. Profits made in this way are called capital gains and are subject to tax by the government. Profits mad ein this wayare called capital gains and are subjectto tax by the government. Profits made on anindividual's home, private cars and assurance policies are not subject to capital gains tax. Hope this was helpful! -Pinkmouse
Capital gain taxes are based in large part on your ordinary tax rate.... * Ordinary tax rate 10%, long term capital gains tax 0%, short term capital gains tax 10% * Ordinary tax rate 15%, long term capital gains tax 0%, short term capital gains tax 15% * Ordinary tax rate 25%, long term capital gains tax 15%, short term capital gains tax 25% * Ordinary tax rate 28%, long term capital gains tax 15%, short term capital gains tax 28% * Ordinary tax rate 33%, long term capital gains tax 15%, short term capital gains tax 33% * Ordinary tax rate 35%, long term capital gains tax 15%, short term capital gains tax 35%
A capital gains tax is applied to the sale of financial assets. The capital gains tax in Ohio is 15 percent.
Yes long term capital gains on the sale of real estate would be subject to your income tax return. Capital gain taxes would be a part of your income tax on your 1040 income tax return.
In terms of Capital Gains Tax, a couple does not hold the amount jointly. Each spouse is only responsible for or gains from their part of the tax. If transferred it isn't considered a gain or a loss for either spouse.
The capital gains tax rates are determined by the type of investment asset and the holding period of the asset. In additional to the federal capital gains tax rates, your capital gains will also be subject to state income taxes. Many states do not have separate capital gains tax rates. Instead, most states will tax your capital gains as ordinary income subject to the state income taxes rates.
The capital gains tax rates are determined by the type of investment asset and the holding period of the asset. In additional to the federal capital gains tax rates, your capital gains will also be subject to state income taxes. Many states do not have separate capital gains tax rates. Instead, most states will tax your capital gains as ordinary income subject to the state income taxes rates.
Higher the capital gains tax, lesser would be incentive for investment.
No. You will not pay income tax in addition to capital gains tax if I understand you correctly. However, capital gains tax for an individual is reported and paid on your 1040 income tax return. The only difference is that the rate for capital gains taxes is lower than the regular income tax levels.
A capital gains tax is a federal tax that is paid by both corporations and individuals on the net total of their capital gains for the year. In the state of Georgia that rate is 6.0 percent.
direct tax
A capital gains tax is a tax that is paid on the sale of an asset that is non-inventory. In most countries the tax is not separate but part of the income tax system.
A. H. Madani has written: 'Capital gains tax' -- subject(s): Capital gains tax, Law and legislation