given a response ive gotten here i should be able to earn 75-90k per year depending. I am receiving ssdi. currently i dont pay any income tax. what tax % will i expect to pay on my investments given my situation. also what is the maximum income to be considered low income. Does having $1,000,000 in stock put me in another bracket? if so what is the tax on that? Is any of this making sense? i appreciate your response and patience. thank you - charlie
2006-09-04 12:33:20 · 2 answers · asked by charlie h 1 in Business & Finance ➔ Taxes ➔ United States
Well, I can answer one question. The $1 million in stock does not put you in a higher tax bracket - until you sell it. Then the gain becomes realized (assuming you did make money on the transaction). One more thing, is it any wonder Social Security is going bankrupt? You have $1 million in stock and still draw ssdi? Come on man, let someone who needs it have it...
2006-09-04 13:52:24 · answer #1 · answered by michael.avery 3 · 0⤊ 0⤋
Depending on your filing status, you might pay $13-17K taxes a year on your investment income, not on your total investments. Might also make your SSDI taxable. You'll need to file quarterly estimated taxes since you'll have so much income without withholding being taken out.
Low income is way below what you'll be making. "Low to moderate" income is something like up to $40K.
2006-09-06 02:34:37 · answer #2 · answered by Judy 7 · 0⤊ 0⤋