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Federal Tax Rate Questions
What are federal tax rates?
Every individual may be subjected to different kinds of
in the United States. Some of these taxes include
is one such kind of tax that is levied on individuals. The rates at which individuals have to pay federal tax may differ from person to person depending on his/her income and many other factors. Answered below by the Experts are a few questions about federal tax rates that are most commonly asked.
Where can a person get information about federal tax rates?
An individual may be able to get information about different federal tax rates on the following link:
What are the rates for federal taxes for a nonprofit corporation?
In most situations, a nonprofit organization may not have to pay taxes even if it has capital gains.
What are the tax rates for long term real estate capital gains?
for capital gains on long term real estate may be 15% currently.
Where can an individual find the federal tax rates for a C corporation?
The tax rates for a C corporation may be found at the following links:
At what rate will an individual be taxed if they were to sell property within a year of purchase in North Dakota?
An individual may be taxed on short term capital gain if he/she sells property within a year of its purchase. The capital gain may be calculated by subtracting the purchase price and selling expenses from the selling price. The rate at which the capital gain will be taxed will depend on the individual’s income,
. This individual may be subject to up to 35% of federal tax rates. Also, the individual can be subject to
state tax rates
between 1.84% and 4.86%.
How would a self-employed individual’s tax rates be affected if his/her income went up by $40,000 in a year in California?
An individual’s tax may depend on his/her total income, deductions and credits. If his/her income increased by $40,000 in a year, he/she may have to pay 15.3% as
self employment tax
, 25% as federal tax and 9.3% of California state tax. Hence, the individual may pay a total of 49.6%. Only the net business income of the individual’s may be taxed. Hence, if he/she wants to, he/she may reduce his/her tax liability by
and increasing his/her contributions to retirement plans.
Are federal tax rates fixed for all income brackets?
Federal tax rates are not fixed for all income brackets. They may range from 0 to 35% depending on an individual’s total income.
What are the different kinds of federal rates on capital gains?
There are 4 types of federal rates on capital gains. These rates are given below:
• 28% tax that is paid on collectibles and small business stock without the 1202 exclusions
• 25% federal taxes that are paid on a part of the capital gains that are made due to the depreciation of the value of
• 15% capital gain rate which is the most common federal rate that applies to tax payers. This includes everything that does not come under real property or collectibles and small business
• 5% rate that is charged to people whose normal tax rate on their 1040 is less than 25%. This means that their overall
may be less than $7550 if they are filing it alone and less than $15,100 if they are filing it as a married couple jointly.
Your income can have an impact on the amount of tax that you may have to pay each year. The federal tax rates may also differ depending on your income. You need to understand what these rates for your particular state are and how they are calculated in order to know how much you would be paying as taxes. This will help you plan your expenses and finances so that you do not end up losing a lot of money in the form of taxes. You may seek the help of an Expert if you have trouble understanding or determining federal tax rates.
Recent Federal Tax Rates Questions
I have a S-corp. This year we had an amazing year with a large
I have a S-corp. This year we had an amazing year with a large profit. As a 100% shareholder, I have taken out W2 and some as distribution. Still money is left in the corporation bank account. I still have available section 179 allocation to write off. However, my CPA told me that I don't have enough basis to use the section 179. Therefore, I will have a high tax liability next year. He explained but still confusing.
He said to hold off the deposit till next year and accelerate the business expense.
1) How can I increase basis? What do I have to do to increase basis? I have a business loan of $400k and pay $4500 every month. About $3000 is paid down on principle. So, is that mean $36,000 increase in basis?
2) Is money left in the corporate account subject to personal tax?
3) Can I deposit the money I took out as distribution back to lower my personal income tax?
4) Should I appraise my business to have a higher value so that it can have a higher basis? If yes, where do I get the appraise from that would not flag the IRS?
5) I heard that if I pay more State Tax, then that would be tax deductible. And, I will get the overpaid State tax back next year. How much is ok to pay more without being flagged by IRS?
As a business owner that does payroll manually (not with Quickbooks
As a business owner that does payroll manually (not with Quickbooks or other payroll software) what is the best (most efficient and reliable) method to stay up-to-date on the FEDERAL tax rates.
I am a farmer and file a schedule F (wife and I file together).
I am a farmer and file a schedule F (wife and I file together). My wife and i recently acquired mineral acres in Nov. 2011. We would like to sell them, but have realized we would have a 40% tax rate on the sale of the minerals because it has been less then a year.
OK, so if we sell them now, I realize the high tax rate, but I believe i should be able to nuetralize the taxes owed with purchase of say a tractor that I can deduct up to $125000 this year alone (sect. 179).
So question is can I write off the tractor against the income on these mineral acres. I see no reason i can't but they are two different things entirely. I have always taken deductions being a farmer against other earnings - like this mineral sale would be. Appreciate the help. Thanks
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