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The list focuses on the main types of taxes: corporate tax, individual income tax, and sales tax, including VAT and GST and capital gains tax, but does not list wealth tax or inheritance tax. Personal income tax includes all applicable taxes, including all unvested social security contributions.
A capital gains tax ( CGT) is the tax on profits realized on the sale of a non-inventory asset. The most common capital gains are realized from the sale of stocks, bonds, precious metals, real estate, and property . Not all countries impose a capital gains tax, and most have different rates of taxation for individuals compared to corporations.
In the United States, individuals and corporations pay a tax on the net total of all their capital gains. The tax rate depends on both the investor's tax bracket and the amount of time the investment was held. Short-term capital gains are taxed at the investor's ordinary income tax rate and are defined as investments held for a year or less ...
As an example, if you purchased a vintage dining set in 2010 for $500 and sold it in 2020 for $2,500, you have a capital gain of $2,000. If you bought that same table in 2020 and sold it the same ...
Federal Tax Rates for Long-Term Capital Gains. Rate. Single. Married Filing Jointly. Married Filing Separately. Head of Household. 0%. $0 – $40,400. $0 – $80,800
Short-Term Capital Gains Tax Rates for 2021. Rate Single Married Filing Jointly Married Filing Separately Head of Household 10% $0 – $9,950 $0 – $19,900 $0 – $9,950 $0 ...
The alternative minimum tax ( AMT) is a tax imposed by the United States federal government in addition to the regular income tax for certain individuals, estates, and trusts. As of tax year 2018, the AMT raises about $5.2 billion, or 0.4% of all federal income tax revenue, affecting 0.1% of taxpayers, mostly in the upper income ranges. [ 1][ 2]
While long-term capital gain rates can be 0%, 15% or 20%, keep in mind that any gain that exceeds the exclusion limit may also be subject to the net investment income tax (NIIT), a 3.8% tax that ...