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A taxpayer who pays ordinary income taxes at the 15 percent rate pays long term capital gains at a rate of what?
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Can individuals carryback capital losses?
No a ordinary individual taxpayer can not carry back a capital loss for the sale of assets using the 1040 federal income tax return.
What is the difference between ordinary income and operating income?
Ordinary income refers to any income that is not capital gain. Operating income is how much revenue a company will profit.
Where did americas income come from just after the independece war?
From 1913 to 1921, the income from capital gains were being taxed at ordinary rate, up to a maximum rate of 7 percent.
What is the difference between net ordinary income and net operating income?
Net income refers to all income minus expenses and taxes. Ordinary income refers to all income other than capital gain. Therefore, net ordinary income is income, with the exception of capital gain, after expenses and taxes are deducted.
What is california's state tax on long term capital gains?
treated as ordinary income and taxed at your ordinary income tax rate. No breaks as in Federal !
What is the Capital gains tax for profit from futures and options trading?
It is the same as taxes on ordinary income unless the basis and holding period qualify for treatment as long-term capital gains. Some state income taxes do no differentiate, and so it is all ordinary income.
Can you apply non-capital losses against dividend income?
No you cannot apply for non-capital losses against dividend income. Capital losses only offset capital gains up to 3K a year capital losses may be used against ordinary income.
Is there capital gain tax on repossessed property?
Any cancellaton of debt is ordinary income.
Do you have to pay tax on a capital loss?
No, in fact it reduces any capital loss and even ordinary income (within limits)
What is the capital gains tax on long term?
Tax Rate on Long-Term Capital GainsCapital gain income from assets held longer than one year are generally taxed at a special long-term capital gains rate. The rate that applies depends on which ordinary income tax bracket you fall under. Zero percent rate if your total income (including capital gain income) places you in the ten or fifteen percent tax brackets.15% rate if your total income (including capital gain income) places you in the twenty-five percent tax bracket or higher.For 2010 Tax, Single can make $34,500 (If Capital Gain alone) and pay no Federal Tax. For married it is $68,675.Remember, you might have to pay state tax.Cool huh?
Should social security and medicare always be deducted from ordinary income?
"Ordinary income" means all income except capital gains. Social Security is only deducted from covered wages and self-employment. It is not deducted from interest, rents, royalties, pensions, and other types of ordinary income.
Can a C corporation use its ordinary loss to offset capital gain?
A c corps capital gain is taxed as ordinary income so why couldn't you use an NOL to offset the gain?
