gg22177
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 23 Feb 2005
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| Tax on bank interest |
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For the year 2004, I recieved $xx in bank interest. And while filing my taxes, I see that I am being charged around 25% as income tax.
is that proper? Is interest on income tax charged at 25% ?
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Wed Feb 23, 2005 5:11 am |
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Lobster
New Member
Cash: $ 1.70
Posts: 8
Joined: 08 Apr 2005
Location: San Diego, CA
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| It depends on your bracket |
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Bank interests are taxed as regular income. So if you are in 25% bracket, yeah, that is appropriate.
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Fri Apr 08, 2005 6:58 am |
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