Would you be taxed on a commercial savings account with an annual yield of 3%?

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2007-10-22 15:23:24 · 4 answers · asked by cheques play 1 in Business & Finance ➔ Taxes ➔ United States

Absolutely. You'd be sent a tax statement by the bank at the end of the year.

2007-10-22 15:30:54 · answer #1 · answered by H_A_V_0_C 5 · 0⤊ 0⤋

You will be taxed on the interest you earn from the account.

2007-10-22 15:39:46 · answer #2 · answered by Judy 7 · 1⤊ 0⤋

Yes, you are taxed on all income unless it is tax exempt, for example, government bonds.

2007-10-22 15:29:28 · answer #3 · answered by Mark S 3 · 0⤊ 0⤋

Yes, but not much

2007-10-22 15:28:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋