Please try our wide variety of interactive financial problem solvers. Simply enter your criteria and you’ll get your questions answered with dynamic graphs and personalized reports.
What Is My Potential Estate Tax Liability?
In 2015 federal estate taxes return with a top rate of 40%. Estates worth up to $5.43 million are excluded from paying federal estate tax. If your estate is worth more than $5.43 million, this means that the federal government could ‘inherit’ a significant portion of your estate unless you take measures to preserve your wealth.
Will My Investment Interest Be Deductible?
Interest paid on debts incurred in order to invest (such as ‘margin accounts’) is generally deductible to the extent that it offsets investment income (such as interest, dividends and short term capital gains). Interest payments in excess of investment income can be carried forward in hopes of offsetting future investment income.
How Much Self-Employment Tax Will I Pay?
Self-employment taxes are comprised of two parts: Social Security and Medicare. You will pay 6.2 percent and your employer will pay Social Security taxes of 6.2 percent on the first $118,500 of your covered wages. You each also pay Medicare taxes of 1.45 percent on all your wages – no limit. If you are self-employed, your Social Security tax rate is 12.4 percent and your Medicare tax is 2.9 percent on those same amounts of earnings but you are able to deduct the employer portion. You will pay an additional 0.9% Medicare tax on the amount that your annual income exceeds $200,000 for single filers, $250,000 for married filing jointly, and $125,000 married filing separate. Use this calculator to estimate your self-employment taxes.
How Much Of My Social Security Benefit May Be Taxed?
Did you know that up to 85% of your Social Security Benefits may be subject to income tax? If this is the case you may want to consider repositioning some of your other income to minimize how much of your Social Security Benefit may be taxed and thereby, maximize your retirement income sources.