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What is the difference between taxable and tax-exempt bonds?
Taxable bonds are subject to federal income tax on the interest earned, while tax-exempt bonds are not subject to federal income tax on the interest earned.
Is it possible for me to not withhold federal taxes?
No, it is not possible to not withhold federal taxes if you are earning income subject to taxation.
Is interest on a municipal bond included in gross income?
No, interest on a municipal bond is generally not included in gross income for federal tax purposes. This tax-exempt status makes municipal bonds an attractive investment for many individuals, as the interest earned is free from federal income tax. However, it's important to note that some municipalities may issue bonds where the interest could be subject to state or local taxes.
What is the tax treatment for private activity bond interest dividends?
Private activity bond interest dividends are typically exempt from federal income tax, but may be subject to state and local taxes.
What are the tax implications of receiving interest dividends from private activity bonds?
Interest dividends from private activity bonds are typically subject to federal income tax. However, if the bonds meet certain criteria and are considered tax-exempt, the interest dividends may be exempt from federal income tax. It is important to consult with a tax professional to understand the specific tax implications of receiving interest dividends from private activity bonds.
What is the difference between taxable and tax-exempt bonds?
Taxable bonds are subject to federal income tax on the interest earned, while tax-exempt bonds are not subject to federal income tax on the interest earned.
Is there an income tax on treasuries?
Interest payments on Treasuries are subject to federal income tax, but not state income tax. If you buy and sell Treasuries, any capital gains are also subject to federal and usually state income taxes.
How much taxes do you pay on the interest from a 12 month CD?
If your federal marginal income tax rate is 15 % and you have 1000 of interest income for the year on the 12 month CD the federal income tax amount would be 150 of federal income tax on the 1000 of interest income.
Is it possible for me to not withhold federal taxes?
No, it is not possible to not withhold federal taxes if you are earning income subject to taxation.
I will be retiring this year. Is my pension (fully funded by the employer) subject to federal withholding?
Pension benefits are subject to federal income tax.
Can you deduct the interest paid on state taxes on your federal income taxes?
yes
Is interest on a municipal bond included in gross income?
No, interest on a municipal bond is generally not included in gross income for federal tax purposes. This tax-exempt status makes municipal bonds an attractive investment for many individuals, as the interest earned is free from federal income tax. However, it's important to note that some municipalities may issue bonds where the interest could be subject to state or local taxes.
Do NY pay federal taxes on unemployment?
Unemployment benefits are subject to federal income tax in every state. However, in 2009, the first $2400 per person is exempt from federal income tax.
What has the author Samuel A Donaldson written?
Samuel A. Donaldson has written: 'Federal income taxation of individuals' -- subject(s): Cases, Income tax, Law and legislation 'Acing federal income tax' -- subject(s): Handbooks, manuals, Income tax
Do you include US Savings Bonds as savings or investment income?
Interest income from US Savings Bonds is subject to Federal ordinary income taxes, but not state or local taxes. Please see the related link. ===================================
Do you need to pay income tax on interest earned on fix deposit even tds deducted by bank already?
Yes all interest income is reported on the income tax return. tds (Tax Deducted at Source). At present NO interest income is exempted from tax .On the federal 1040 income tax return you do have some types of interest that is exempt from income tax but the amount still has to be reported on the 1040 federal income tax return..
Are federal income taxes deductible for federal corporate income taxes?
No, they are not.
