How much do you pay in taxes on your earnings?

Discussion in 'Taxes and Accounting' started by Risepoint1879, Feb 19, 2019.

  1. For those of you who are green at the end of the year, what is the general percentage that goes to taxes, taking loopholes and exemptions into account? Is trading income the same as regular 1099 income?
     
    murray t turtle likes this.
  2. Taxes aren't straightforward.

    Which taxes on earnings do you want to include?

    Federal income tax, FICA tax, state income tax, city/local income tax?

    What do mean by "regular 1099 income"? Interest and dividends? Or do you mean W-2 income?

    What you trade makes a big difference. Short term stock trading is taxed higher than trading Section 1256 contracts.

    On the same income a single taxpayer will pay more taxes than a married taxpayer.

    It takes a multidimensional matrix to do a proper income tax comparison.
     
  3. Bekim

    Bekim

    I give everything to my CPA and just wait to hear back, it's well worth the money.
     
    Handle123 and murray t turtle like this.
  4. %%
    About 95% or some times 100%, ask a CPA.
    They changed the Roth/retirement limits,NOW. RisePoint 18777 nothing/no tax on Roth account. But TN has a high sales tax about 10%+ they added a bit to gas tax, so i aim @ driving less+ scale in gasoline LOL.:D:D

    And they [TN]doesnt tax farm products.............................................Actually any CPA will answer a few free questions, over the phone. Better call a CPA and ask, if you need one , most will.[ Edit Also sounds like you have enough common sense, may want to get a basic book, like written by a tax lawyer; because so much discretion is required to pay fed taxes. 777/+ CPAs can give 377 different answers on federal taxes. But on state taxes ,777 CPAs will give you the one or 2 right answers.]I tried to pay my Federal fair share- NOT a penny more]:cool::cool:
     
    Last edited: Feb 20, 2019
  5. To much
     
    matthewyoung and murray t turtle like this.
  6. %%
    Sorry about that LOL.I've got a long term goal of buying some liquid tax free muni........But not like DB.Sounds like the gov is on the right tax trends track, tax cuts, larger Roth amounts.....I would not blame tariffs[import taxes] for a sell off; most likely our friends @ WSJ will LOL.Besides 1929 had huge dirt storms, in Chicago of all places, cant really blame tariffs for all of that.LOL:cool::cool:
     
  7. Ilgan

    Ilgan

    There are so many taxes that traders would not have time to track them all. Good solution is to have good accountant who will deal with tax filling. I mean, they are paid to do this job and my job is to make money. Right?
     
  8. schweiz

    schweiz

    Maybe a little bit off topic but Risepoint1879 started since half january 23 threads. I think he gets paid to create volume in postings.

    Another "surf"?
     
    murray t turtle likes this.
  9. schweiz

    schweiz

    If I would live in Monaco or Dubai I would pay no taxes at all.
     
  10. %%
    Even more so if one lives in a state that taxes income.TN,TX,Silver State do not..........