Confused about Capital Gains.. If my only income is $3000 short-term cap. gains. What tax rate(s) do I pay?

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Confused about Capital Gains.. If my only income is $3000 short-term cap. gains. What tax rate(s) do I pay?

2007-08-07 07:40:56 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States

3 answers

You pay nothing if nobody can claims you as a dependent. If somebody claims you as a dependent, your standard deduction will be $800. Thus, in this situation you will pay $220 in income taxes(10%). 3,000-800=2,200*10%=220

2007-08-07 08:33:44 · answer #1 · answered by alikmal 2 · 0⤊ 0⤋

No federal. You might or might not owe state income tax depending on where you live.

2007-08-07 16:10:07 · answer #2 · answered by Judy 7 · 0⤊ 0⤋

$0 for federal, if you are on your own. Don't know what state you are from so can't tell you how much for state tax if any. My question to you is, how can you live on only $3,000?????

2007-08-07 14:43:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋