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The recipient of a gift has absolutely no tax obligation under IRS code. Gifts are not considered income. § 102.

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8y ago

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Who pays tax on 20000 gift to another person?

Gift tax, when applicable, is paid by the one giving the gift,


Which is a business that pays a federal income tax and has a separate legal entity from the persons who operate it?

C corporation.


Does an incorporated condo association need a federal employer identification number?

When an association pays employees and files tax returns or sends W-2s or 1099s, a federal employer identification number is required.


Is 24000 gift tax exempt to married couple?

Generally, the one giving a gift pays the gift tax. Not the recepient.Who pays the gift tax?The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement. What is considered a gift?Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return. What can be excluded from gifts?The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts. # Gifts that are not more than the annual exclusion for the calendar year. # Tuition or medical expenses you pay for someone (the educational and medical exclusions). # Gifts to your spouse. # Gifts to a political organization for its use. In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made.


Sherika makes 130.00 a week What would her weekly take-home pay be if she pays 12.00 in federal tax and 2.3 percent state tax?

111.41