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There is no special tax on money used to pay taxes. But all the regular taxes will be charged on the money used to pay taxes.
For example, let's say your weekly salary is $100.
You calculate your taxes on the full $100 and it comes out to be $25. So you send $25 to the government (or your employer takes it out of your pay and sends it for you) and you get to keep $75. So, yes, you did pay tax on that $25 that got sent to the government.
The federal government does allow some deductions for state and local taxes. You can deduct either state income tax payments or state sales tax payments (both not both) and you can deduct real estate tax payments. A very few states allow a deduction for federal income taxes.
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Do you pay taxes on 401k?
Generally, your contributions aren't taxed (put in before taxes), and your withdrawals are taxed.
I inherited an IRA from my mother who passed away last year. Do I have to pay taxes on the IRA Does it go directly on my Income Thanks.?
Yes, you will have to pay taxes. You can take the money lump sum and pay the taxes this year, or you can roll it over into an inherited IRA and pay the taxes as the money is distributed. You will be taxed at your normal marginal tax rate.
Do you stop getting taxed if you stop getting money?
You do not have to pay income tax if you do not have any income. Depending upon what you do, however, you may still have to pay sales tax, excise taxes, property taxes, etc.
Do I have to pay annual taxes on my fixed annuities?
No, fixed annuities are generally tax-deferred. You will pay taxes on it when you remove the money from the annuity. Fixed annuities are not taxed so no you would not have to. You can find out more facts about how they work by visiting www.moneymanagment.info.
What if you have no money to pay your taxes?
You are legally required to pay taxes. Taxes are only due on money you have earned therefore if you owe taxes you have had the money. If you do not pay the taxes you owe you will be sent to court and made to pay - even if you go to prison you will still owe the tax man.
What do you pay if you have an inheritance that arrive from a different country?
I will get money from inheritance already taxed in Germany. Do I have to pay taxes in California too ?
Do you pay taxes on 401k?
Generally, your contributions aren't taxed (put in before taxes), and your withdrawals are taxed.
what is a roth ira & how does it differ from a regular ira?
IRAs are typically pre-taxed savings accounts, which offer you an initial tax break by lowering your taxable income. You will pay taxes on the money as it is withdrawn. ROTH IRAs are typically not pre-taxed and therefore you do not pay taxes on money that is withdrawn.
Do you have to pay taxes on a student grant?
No, they are not taxed.
Do I have to pay taxes on a Roth IRA that I used as retirement investment?
No. You deposit money from your POST-tax income into a Roth IRA, so it's not taxed upon withdrawal.
I inherited an IRA from my mother who passed away last year. Do I have to pay taxes on the IRA Does it go directly on my Income Thanks.?
Yes, you will have to pay taxes. You can take the money lump sum and pay the taxes this year, or you can roll it over into an inherited IRA and pay the taxes as the money is distributed. You will be taxed at your normal marginal tax rate.
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.
Where does the government get money from?
Loans. They then collect taxes to pay back their debts.
Do footballer pay tax?
In the United States footballers get no special treatment. They pay taxes like anybody else. Money earned by playing football is taxed like any other wages are taxed in the United States.
Do you stop getting taxed if you stop getting money?
You do not have to pay income tax if you do not have any income. Depending upon what you do, however, you may still have to pay sales tax, excise taxes, property taxes, etc.
How did Britain want to raise money after the French and Indian War?
Parliment raised taxes after the war because they had a huge war debt they had to pay off. Therefore the riased taxes had an increase in tax revenue.
Do I have to pay annual taxes on my fixed annuities?
No, fixed annuities are generally tax-deferred. You will pay taxes on it when you remove the money from the annuity. Fixed annuities are not taxed so no you would not have to. You can find out more facts about how they work by visiting www.moneymanagment.info.
