IRAs - Traditional

I collect Alimony and don't work. Can I make an IRA contribution?

Asked Sunday, January 29, 2012 by an anonymous user

CPA Answer:

Yes. Taxable alimony payments qualify as compensation for purposes of making an IRA contribution. You are subject to the same IRA contribution limitations as one who is working.
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Treasury/Savings Bonds

What is the difference between a Treasury bill, Note and Treasury bond?

Asked Sunday, January 29, 2012 by an anonymous user

CPA Answer:

Treasury bills are short term U.S. obligations of a year or less ( 4 weeks, 13 weeks, 26 weeks and 52 weeks). A Treasury Bond has a maturity of over 10 years. Treasury notes have a maturity of 2, 5 or 10 years,
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SEP IRAs

SEP IRA - Maximum contribution

Asked Friday, January 20, 2012 by an anonymous user

CPA Answer:

Employers can contribute up to a quarter of the salaries that each employee earns (25%)up to an annual maximum limit. For 2017, that maximum will be $54,000, up $1,000 from its 2016 level. That's the first rise in the SEP IRA limit since 2015,
For self-employed. the 25% refers to the self-employed worker's "net earnings" from the business. The net result of the math is that the 25% limitation on "net earnings" works out to 20% of your adjusted profit after the self-employment tax adjustment
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Capital Gain Rates

Short Term Capital Gains ( less than a year)

Asked Sunday, January 15, 2012 by an anonymous user

CPA Answer:

Short term capital gains are taxed at ordinary income rates.
However, you can offset short term capital gains with long term and short term capital losses and any capital losses carried over from previous years that you did not use.
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Capital Gain Rates

Long Term Capital Gains (greater than a year) Rates

Asked Sunday, January 15, 2012 by an anonymous user

CPA Answer:

Long term rates apply to gains from the sale of capital assets such as stock that you held for MORE than one year.
Long-term gains and qualified dividends are taxed at;
0% if taxable income falls in the 10% or 15% marginal tax brackets 15% if taxable income falls in the 25%, 28%, 33%, or 35% marginal tax brackets 20% if taxable income falls in the 39.6% marginal tax bracket 25% on Depreciation Recapture 28% on Collectibles 28% on qualified small business stock after exclusion
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Kiddie Tax

Kiddie Tax

Asked Thursday, January 12, 2012 by an anonymous user

CPA Answer:

First $1,000 = no tax
Next $1,000 taxed at child's rate
Amounts over $2,000 taxed at parents marginal rate
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Capital Gains & Losses

Capital Gains Tax Rates -2013

Asked Thursday, January 12, 2012 by an anonymous user

CPA Answer:

If your tax bracket = 10% or 15%, the Short Term Capital Gain is taxed at ordinary income rates, Long Term Capital Gains and Qualifying Dividends tax rate = 0%
If tax bracket = greater than 15%, the Short Term CG taxed at ordinary rates Long Term CG and Qualifying Dividends tax rate = 15%
For 2013: ATRA, extends the current capital gains and dividends rates on income at or below $400,000 (individual filers), $425,000 (heads of households), and $450,000 (married filing jointly) for tax years beginning after December 31, 2012.
For income in excess of $400,000 (individual filers), $425,000 (heads of households) and $450,000 (married filing jointly), the rate for both capital gains and dividends is 20 percent. .
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Investments & Financial Planning

Does India have a stock exchange ?

Asked Thursday, December 29, 2011 by an anonymous user

CPA Answer:

India Stock Exchanges: Bombay Commodity Exchange (estwhile the Bombay Oilseeds and Oils Exchange) Bombay Stock Exchange (BSE) Calcutta Stock Exchange (CSE) Cochin Stock Exchange Inter-Connected Stock Exchange of India (ISE) Multi Commodity Exchange of India (MCX) National Commodity & Derivatives Exchange (NCDEX) National Stock Exchange of India (NCE) OTC Exchange of India (Exchange for Technology and Growth Stocks) Pune Stock Exchange (PSE)
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Investments & Financial Planning

Does Asia have a stock exchange ?

Asked Thursday, December 29, 2011 by an anonymous user

CPA Answer:

Asian Stock Exchanges: Azerbaijan Baku Interbank Currency Exchange Baku Stock Exchange (BSE) Bangladesh Chittagong Stock Exchange (CSE) Dhaka Stock Exchange (DSE) China China Financial Futures Exchange (CFFEX) Dalian Commodity Exchange (DCE) Shanghai Futures Exchange (SHFE) Shanghai Steel Electronic Exchange Shanghai Stock Exchange (SSE) Shenzhen Stock Exchange Zhengzhou Commodity Exchange (ZSE) Hong Kong Chinese Gold & Silver Exchange Society (CGSE) Growth Enterprise Market Hong Kong Exchanges (HKEx) (holding company of Stock Exchange of Hong Kong, Hong Kong Futures Exchange and Hong Kong Securities Clearing Company) Indonesia Indonesia Stock Exchange (IDX) Jakarta Futures Exchange (JFX) Japan Central Japan Commodity Exchange (C-COM) (incorporates Osaka Mercantile Exchange) Kansai Commodities Exchange (KEX) (incorporates Fukuoka Futures Exchange) Fukuoka Stock Exchange Jasdaq Securities Exchange Nagoya Stock Exchange Osaka Securities Exchange (OSE) Sapporo Securities Exchange Tokyo Commodity Exchange (TOCOM) Tokyo Financial Exchange (TFX) (formerly Tokyo Financial Futures Exchange) Tokyo Grain Exchange (TGE) Tokyo Stock Exchange (TSE) Kazakhstan Kazakhstan Stock Exchange (KASE) Kyrgyzstan Kyrgyz Stock Exchange Malaysia Bursa Malaysia (formerly Kuala Lumpur Stock Exchange) Labuan International Financial Exchange (LFX) (offshore financial exchange) Maldives Maldives Stock Exchange Mongolia Mongolian Stock Exchange Nepal Nepal Stock Exchange (NEPSE) Pakistan Islamabad Stock Exchange (ISE) Karachi Stock Exchange (KSE) Lahore Stock Exchange (LSE) Singapore Singapore Commodity Exchange (SICOM) SGX - Singapore Exchange (Stock Exchange of Singapore and the Singapore International Monetary Exchange) South Korea Korea Exchange (KRX) (consolidates Korea Stock Exchange, KOSDAQ Market and the Korea Futures Exchange) Sri Lanka Colombo Stock Exchange (CSE) Taiwan GreTai Securities Market Taiwan Stock Exchange (TSEC) Taiwan Futures Exchange (TAIFEX) Thailand Agricultural Futures Exchange of Thailand (AFET) Stock Exchange of Thailand (SET) Uzbekistan Tashkent Republican Stock Exchange Uzbek Commodity Exchange
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