There is no special tax on money used to pay taxes. But all the regular taxes will be charged on the money used to pay taxes.
For example, let's say your weekly salary is $100.
You calculate your taxes on the full $100 and it comes out to be $25. So you send $25 to the government (or your employer takes it out of your pay and sends it for you) and you get to keep $75. So, yes, you did pay tax on that $25 that got sent to the government.
The federal government does allow some deductions for state and local taxes. You can deduct either state income tax payments or state sales tax payments (both not both) and you can deduct real estate tax payments. A very few states allow a deduction for federal income taxes.
Generally, your contributions aren't taxed (put in before taxes), and your withdrawals are taxed.
Yes, you will have to pay taxes. You can take the money lump sum and pay the taxes this year, or you can roll it over into an inherited IRA and pay the taxes as the money is distributed. You will be taxed at your normal marginal tax rate.
You do not have to pay income tax if you do not have any income. Depending upon what you do, however, you may still have to pay sales tax, excise taxes, property taxes, etc.
No, fixed annuities are generally tax-deferred. You will pay taxes on it when you remove the money from the annuity. Fixed annuities are not taxed so no you would not have to. You can find out more facts about how they work by visiting www.moneymanagment.info.
You are legally required to pay taxes. Taxes are only due on money you have earned therefore if you owe taxes you have had the money. If you do not pay the taxes you owe you will be sent to court and made to pay - even if you go to prison you will still owe the tax man.
I will get money from inheritance already taxed in Germany. Do I have to pay taxes in California too ?
Generally, your contributions aren't taxed (put in before taxes), and your withdrawals are taxed.
IRAs are typically pre-taxed savings accounts, which offer you an initial tax break by lowering your taxable income. You will pay taxes on the money as it is withdrawn. ROTH IRAs are typically not pre-taxed and therefore you do not pay taxes on money that is withdrawn.
No, they are not taxed.
No. You deposit money from your POST-tax income into a Roth IRA, so it's not taxed upon withdrawal.
Yes, you will have to pay taxes. You can take the money lump sum and pay the taxes this year, or you can roll it over into an inherited IRA and pay the taxes as the money is distributed. You will be taxed at your normal marginal tax rate.
Depends on what the payback is for...if it for an overpayment of wages that were taxed when mistakenly given to you, you would not pay tax on that.
Loans. They then collect taxes to pay back their debts.
In the United States footballers get no special treatment. They pay taxes like anybody else. Money earned by playing football is taxed like any other wages are taxed in the United States.
You do not have to pay income tax if you do not have any income. Depending upon what you do, however, you may still have to pay sales tax, excise taxes, property taxes, etc.
Parliment raised taxes after the war because they had a huge war debt they had to pay off. Therefore the riased taxes had an increase in tax revenue.
No, fixed annuities are generally tax-deferred. You will pay taxes on it when you remove the money from the annuity. Fixed annuities are not taxed so no you would not have to. You can find out more facts about how they work by visiting www.moneymanagment.info.