Taxes
Federal Income Tax Brackets
Information on federal income tax brackets can be found here.
State Income Tax Rates
State income tax rates vary by state. A map of tax rates can be found here.
Federal Estate Tax
Federal Inheritance Taxes apply to cash, securities, real estate, insurance, trusts, annuities, and business interests. A filing is required if an inherited estate has more than a certain value. More information can be found here.
State Inheritance Tax
State Inheritance Tax laws differ by state. A map of inheritance tax rates by state can be found here.
Gift Tax
The gift tax allows for a certain amount of money to be given as a gift each year. Any money given over this exemption is taken off of an individual's lifetime estate tax exclusion. More information can be found here.
Generation Skipping Transfer Tax
The generation skipping transfer tax is imposed on gifts and trusts when the recipient is more than 37.5 years younger than the donor. This was created to prevent estate tax avoidance. The current exemption and rates are the same as the federal estate tax. More information can be found here.
Alternative Minimum Tax
The Alternative Minimum Tax (AMT) is a tax imposed if tax exemptions reach a threshold. The tax exemptions that contribute to AMT include accelerated depreciation, electric vehicle credit, interest paid on a mortgage, net operating loss deduction, investment interest expense, and several others. More information can be found here.