i honestly don't know how this procedure works for short term investments under which the stock is held less than a year. so whats the MOST that you can get taxed despite income or people you're supporting. what's the highest percent that you could get taxed? for example you may have to pay a complete total of 50,60 or 70 percent? maximum?
2007-10-19 11:05:47 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Maximum for federal income tax is 35%. The amount is whatever your tax bracket is, and that's the highest bracket. Most people aren't anywhere near that.
There can also be state income tax on the gain, and that can be anywhere from zero to close to 10%.
2007-10-19 12:28:30 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Capital gains held one year or more are taxed at reduced rates of 5, 15, or 20% depending on how much other income you have. Capital gains held for less than one year are taxed at "ordinary income" rates. The highest tax bracket right now is 35% for the people who make the most money. Regular income tax rates range from 10-35%, depending on your tax bracket. If you want to get an idea of what your bracket is, go to irs.gov and type in "2007 tax tables".
2007-10-19 18:30:32 · answer #2 · answered by Larah 3 · 0⤊ 0⤋
Your short-term capital gains are added to your other income. It is the total income that determines your taxes, after your deductions and credits.
Your tax will range from 0% to 35% depending on your tax bracket.
2007-10-19 18:24:24 · answer #3 · answered by ninasgramma 7 · 3⤊ 0⤋