90000 dollars is the gift tax of a gift of 200000 dollars.
You can get an infinite amount. Gifts are not considered income and you do not pay any tax. Each person GIVING you a gift is limited to $15,000 per year (in 2012), but there is no limit to how many people can give you gifts in any year.
yes ABSOLUTELY NOT!! (Not sure who wrote 'yes.) The IRS regulations state that the employee tax rate for social security tax in 2011 is 4.2%. The employer tax rate for social security remains unchanged at 6.2%. The 2011 social security wage base limit is $106,800. In 2011, the Medicare tax rate is 1.45% each for employers and employees, unchanged from 2010. There is no wage base limit for Medicare tax. Employers should implement the 4.2% employee social security tax rate as soon as possible, but not later than January 31, 2011.
Gift tax, when applicable, is paid by the one giving the gift,
Yes, if the gift exceeds the gift-giver's annual exemption of $15,000 per recipient, the gift giver must pay the gift tax.
No. There is a limit of $12,000 annually for a single person to give away as gift. And if any tax is due on the gift, it is paid by person who makes the gift and not the recipient.
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Sure - you can actually gift an unlimited amount to your spouse without any gift tax consequences..the 12K (13 K for 2009) limit is for gifts to others.
For death occurring in 2011, up to $5,000,000 can be passed from an individual upon his or her death without incurring inheritance tax. The limit is 47%.
Under US tax law, your lifetime federal gift tax exemption would be depleted by the amount of the gift in excess of the annual limit to one person. If the annual limit is, say, $12,000, and you give the equity to an individual, you would lose 110,000 from your $1.2 million-dollar gift tax exemption (or whatever it is when you die and your estate is distributed to non-charitable beneficiaries), not including gifts to a surviving spouse (which are estate tax-free). You could reduce the loss of exemption by giving the equity to more than one person, or spreading it over multiple years.
The tax percentage for the gift tax is generally 45 percent.
For 2011, the federal estate tax exemption will be $5 million and the estate tax rate for estates valued over this amount will be 35%. The estate tax has also become unified with federal gift and generation-skipping transfer taxes such that in 2011 the lifetime gift tax exemption and generation-skipping transfer tax exemption will be $5 million each and the tax rate for both of these taxes will also be 35%. There is NO federal level inheritance tax.
90000 dollars is the gift tax of a gift of 200000 dollars.
For 2011, the federal estate tax exemption will be $5 million and the estate tax rate for estates valued over this amount will be 35%. The estate tax has also become unified with federal gift and generation-skipping transfer taxes such that in 2011 the lifetime gift tax exemption and generation-skipping transfer tax exemption will be $5 million each and the tax rate for both of these taxes will also be 35%. There is NO federal level inheritance tax.
The amount you can contribute depends on your RRSP deduction limit. You can find your deduction limit by looking at your 2011 Tax Return. Your RRSP deduction limit is the amount of RRSP contributions that you can deduct on your tax return for a given year.
gift = no sales tax
You can get an infinite amount. Gifts are not considered income and you do not pay any tax. Each person GIVING you a gift is limited to $15,000 per year (in 2012), but there is no limit to how many people can give you gifts in any year.