Taxes Capital Gains Dividends
November 8th, 2007
Question: Am I subject to income tax, Capital Gains Tax and dividend tax?
I am 18 years old, I turn 19 in november. I’ve had a job this year and i’ve earned approximately $4,000 before witholding tax. Can I get all or any of my federal/state income tax, social security tax, medicare tax or sui/sdi tax back?
Also, I buy and sell stocks. Do I have to pay income tax on any of the stocks I sell that i’ve held for less then a year? Do I have to pay capital gains tax on stocks that I’ve held for more then a year? And do I have to pay tax on my dividends?
So basically I’m wondering if there is any exemption for me since I’ve made only $4,000 pre-tax.
Answer: Ok for staters you never get social security or medicare taxes back on your return. Those go into a seperate fund that supposedly will be aviable when you get old enough to retire.
On the stocks yes you have to pay for those even if you only had them less than a year. They should send you a form to show how much you have earned from it at the end of the year or quater depending on your state. znow if your increase in stock is do to a split here is word for word what the IRS says about having to pay taxes on it:
No, you generally do not need to pay tax on the additional shares of stock you received due to the stock split. You will need to adjust your per share cost of the stock. Your overall cost basis has not changed, but your per share cost has changed.You will have to pay taxes if you have gain when you sell the stock. Gain is the amount of the proceeds from the sale, minus sales commissions, that exceeds the adjusted basis of the stock sold.
If you need tp [ay capital gains on either stock or dividends then you will get a form 1099 from the place you hold stock with.
And finally any year you earn over $2000 dollars you must file a return for. Depending on your staus, single, married, head of house hold, ect. is how much you will get in return. Married and head of house hold have a better shot of recovering the entire amout paid in federally then single. AS for state taxes, you have to file them seperatly with your state and those laws vary. Some allow you to get them back, others do not. Hope this helps you.
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