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The only tax you would pay on money in a checking account is any interest the money made if it is a interest type of account.

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โˆ™ 2010-01-19 05:49:39
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Q: Do you paid taxes on checking account?
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If you deposit a cashiers check to a friends checking account do they pay taxes the money is mine and 5 figures?

If the money that is being deposited into the checking account is a gift, then they do not pay taxes. However, if this is a business transaction, then they may have to pay taxes.

Is the interest rate paid on savings accounts generally less than the rate paid on checking accounts?

Actually it is the other way round. The interest rate paid out on a savings account is generally more than that paid out on a checking account. Checking accounts offer very little or no interest at all in most countries whereas savings account offer a small interest rate.

What day does Kmart employees get paid?

Monday if you have a paycard. Saturday if you have a checking account.

When is your interest paid into your bank account?

Generally a personal checking account which earns intrest will credit the acct. Monthly

What kind of taxes will need to be paid on a considerable sum of money from a deceased mother's checking account when it is divided between the surviving children?

Estate taxes are what need to be paid. The executor of the estate, or their legal advisor, should have a good handle on the process. If the value of the estate is less then about 1.2 million, there may be no taxes due, but you still need to file.

Do you have to pay taxes when you are left money as a beneficiary from an IRA account?

taxes are paid upon withdrawal at a later rate

Is it a US checking account or an US checking account?

A US checking Account

Can the government take money out of your checking account?

They can if there is a garneshe for taxes owed and no arragements have been made to pay

How do you find the name on checking account with the checking account number and routing number that paid a bill for me?

You can try to contact the bank that the account is with by searching the internet with the routing number. However, it is not likely that they will give you that information for privacy reasons.

How do you contact IRS about PM not deducted from your bank account for back taxes?

I made arrangement to have $100.00 deducted each month for 2005 back taxes. IRS did not take a payment out of my checking account who do you contact about this

What is a checking account frequently referred to as?

A checking account is also called a transactional account or chequing account.

How long does a checking account garnishment last in Arkansas?

Until the debt and all fees, interest, etc. is paid.

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