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What else can I help you with?
Who can benefit from Original Issue Discount?
OID securities are great for non-taxable entities. They have none of the tax problems taxable entities have with imputed interest etc.
Does the IRS tax you on your checking account without interest?
No. If your checking account in non interest bearing, then the you will have no interest to report on your income tax return and therefore no tax to pay.
Are gic tax deductible?
GICs (Guaranteed Investment Certificates) themselves are not tax-deductible; however, the interest earned on them is subject to taxation. If the GIC is held in a registered account, such as an RRSP (Registered Retirement Savings Plan), the interest can grow tax-deferred until withdrawal. Conversely, if it's held in a non-registered account, the interest is taxable in the year it is earned. Always consult a tax professional for personalized advice.
Can a minor's bank acct be garnished?
No, a minors bank account can not be garnished, if they are the only person on the account. If this is a joint account and the non-minor is subject to a judgment then it can be levied or garnished.
Is interest income on a non profit organization taxable?
Interest income earned by a nonprofit organization is generally taxable unless it is related to the organization’s exempt purpose. If the interest income comes from activities unrelated to the nonprofit's mission, it may be subject to unrelated business income tax (UBIT). However, interest from investments that support the nonprofit's exempt activities is usually not taxable. It’s advisable for nonprofits to consult with a tax professional to ensure compliance with IRS regulations.
Interest on City of Boston Bonds - are they Taxable or non-taxable?
No city bonds are taxable
is sterling bank fdic insured?
Yes, Sterling Bank is FDIC insured. All non-interest amounts in your account will be guaranteed by the FDIC.
What purpose does a student bank account serve?
A student bank account offers the student loans and overdrafts with either no interest or at a lower interest than a non-student requiring a loan or overdraft. The purpose takes into account that a student will be earning lower amounts of money than a person who is in full time employment.
Who can benefit from Original Issue Discount?
OID securities are great for non-taxable entities. They have none of the tax problems taxable entities have with imputed interest etc.
How to calculate the burden ratio of bank?
(Non Interest Op Expenditure - Non Interest Income)/ Average Assets
Burden in a bank's income statement?
adjusting non interest expenses against the non interest revenue is call burdens
Does the IRS tax you on your checking account without interest?
No. If your checking account in non interest bearing, then the you will have no interest to report on your income tax return and therefore no tax to pay.
What are the accounting entries for expenses and incomes in double entry systems?
income with non taxable should put in under which account
Are gic tax deductible?
GICs (Guaranteed Investment Certificates) themselves are not tax-deductible; however, the interest earned on them is subject to taxation. If the GIC is held in a registered account, such as an RRSP (Registered Retirement Savings Plan), the interest can grow tax-deferred until withdrawal. Conversely, if it's held in a non-registered account, the interest is taxable in the year it is earned. Always consult a tax professional for personalized advice.
Can a minor's bank acct be garnished?
No, a minors bank account can not be garnished, if they are the only person on the account. If this is a joint account and the non-minor is subject to a judgment then it can be levied or garnished.
How do I open an US bank account for non-resident of USA?
To open a USA bank account for a non-resident, you should have all basic information about the person. You can then pay a visit to a local bank for registration. You can also register online.
What salary does the President receive?
The President of the United State's salary is approximately $400,000 per year. This continues once they have left office in the form of a pension which is equal to the cabinet secretary's pay.Yes. He is compensated at the rate of $400,000 per year. The president also receives several expense accounts.The president earns a $400,000 annual salary, along with a $50,000 annual expense account, a $100,000 non-taxable travel account and $19,000 for entertainment.
