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| *Loan,banking and credit>>>tax accounting |
How much taxes will i pay for certificate of deposit?Is savings account with 5% APR more reasonable than CD? |
Does anyone know how much taxes are charged for having CD?Is it better to have savings account with 5 % APR?Is savings account taxable?Is it safer to open CD at a bank than online? Your taxes on the CD will be the same as on your regular income, so it depends on what tax bracket you are in. As far as having a saving account, if the savings account and the CD have the same interest rate, you will come out better in the savings account if the interest rates stay steady or go up. If interest rates go down, you would be better off in the CD since you would have locked in an interest rate for a period of time. The main advantage of the savings account is that it is more liquid than the CD, since you can get your money out at anytime without a penalty. CDs will charge you a penalty for early withdrawal. As far as opening an account online, it is safe if you are dealing with a reputable firm, like ING, State Farm Bank, etc. tax depends on the amount of intrest you make on a cd. intrest is considered income. if you compare savings to a cd, basically look at which has a higher apr. Depending when intrest is given the higher the apr the more intrest you make |
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