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Commercial Bank and Checking Accounts

Do you paid taxes on checking account?


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Answered 2010-01-19 05:49:39

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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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.


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.


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.


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


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



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


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.


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


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


it depend on case. some are varity. for example. If you got from Court order freeze your checking account for Bankruptcy filing they can freeze until you paid in full then they will unfreeze your account. I hope this help.


As far as I can tell, the stimulus check is more about the taxes you paid. The amount you would get is calculated on the amount of income and taxes you paid.


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


No, property taxes would not be classified as factory overhead...property taxes get paid under an expense account



Your bank routing number is on the left side of the checking account and the checking account is next to it.


A business checking account is different from a personal checking account by the minimum amount of desposit. You can read more at www.business.com › Directory › Financial Services › Banking


"A high interst checking account is a type of checking account that earns interest. Usually these accounts have higher interest than a regular checking account, but not as high as a savings account."


Yes! Creditors can garnish a personal checking account. As long as the creditor has the checking account info they can garnish a checking account.


a trust account means you trust the person that is opening the account, and a checking account means you will keep checking it to make everything is okay.


average return on a checking account is about 0.1


Yes it is required by law that you are 18+ to have a checking account.


You can go to irs.gov and use your checking or saving account to have any refunds put directly into your account. This is free and you usually get refunds quicker.


They use it to check your identity and to report any interest paid to the IRS.


First you have to go figure out what bank you want to get a checking account with, go to that bank, tell the person at the desk you want to open a checking account and then go on from there. You can also open a checking account over the phone or on the internet.