Earned Dividend Tax Question

[Adonix]

How much will i get taxed for money earned through my savings account. Is there a pre-set %?

Lets say i earned $8000 last year through my savings account. How much of tax do i have to pay?

Thanks..

 

[kranky]

It depends on your income and filing status.

Ask again in the tax thread stickied to the top of the page with more details.

 

[edro]

You earned $8,000 in interest? I would like to have that as my total balance!

 

[Schfifty Five]

Originally posted by: Adonix
How much will i get taxed for money earned through my savings account. Is there a pre-set %?

Lets say i earned $8000 last year through my savings account. How much of tax do i have to pay?

Thanks..

I really hope the $8000 number you typed was just a random one b/c if you really earned $8000 in interest then I think you have TOO much money in the savings account when it should be invested in something with higher return.

 

[edro]

Originally posted by: Schfifty Five

Originally posted by: Adonix
How much will i get taxed for money earned through my savings account. Is there a pre-set %?

Lets say i earned $8000 last year through my savings account. How much of tax do i have to pay?

Thanks..

I really hope the $8000 number you typed was just a random one b/c if you really earned $8000 in interest then I think you have TOO much money in the savings account when it should be invested in something with higher return.

@ 3% APY... that is like $250,000.