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Protect your portfolio by adding gold today. Gold and taxes: What every investor needs to know. ... which could bring your total tax rate to as high as 54% — 37.6% in federal income tax, plus 3. ...
If you want to minimize the tax you pay on the sale of gold coins, it’s best to hold on to them for at least a year and a day to take advantage of the 28% maximum tax rate.
In the United States, the taxation of investment gold varies greatly from state to state. While some states, such as Oregon or Delaware, do not levy a sales tax on gold, other states impose a tax of up to 10%. However, many states grant exemptions for investment gold that meets certain criteria, such as a minimum fineness of 995 thousandths.
[3] [4] Therefore, the top federal tax rate on long-term capital gains is 23.8%. State and local taxes often apply to capital gains. In a state whose tax is stated as a percentage of the federal tax liability, the percentage is easy to calculate. Some states structure their taxes differently.
Californians pay the highest marginal state income tax rate in the country — 13.3%, according to Tax Foundation data. But California has a graduated tax rate, which means your rate increases ...
The average effective sales tax for different income groups of the combined 50 States (2007) [81] There is no federal sales or use tax in the United States. All but five states impose sales and use taxes on retail sale, lease and rental of many goods, as well as some services.
At 7.25%, California has the highest minimum statewide sales tax rate in the United States, [8] which can total up to 10.75% with local sales taxes included. [9]Sales and use taxes in California (state and local) are collected by the California Department of Tax and Fee Administration, whereas income and franchise taxes are collected by the Franchise Tax Board.
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