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Inheritances are not considered income for federal tax purposes, whether you inherit cash, investments or property. Any subsequent earnings on the inherited assets are taxable

To calculate your taxable income, add up all income earned in the calendar year, including items such as salary, investment gains and rental income. Your tax liability is then reduced by adjustments to income, deductions and exemptions.

Taxpayers fall into one of seven brackets, depending on their taxable income: 10%, 15%, 25%, 28%, 33%, 35% or 39.6%. Because the U.S. tax system is a progressive one, as income rises, increasingly higher taxes are imposed. But those in the highest bracket don't pay the highest rate on all their income

Nontaxable income won't be taxed, whether or not you enter it on your tax return. The following items are deemed nontaxable by the IRS: Inheritances, gifts and bequests. Cash rebates on items you purchase from a retailer, manufacturer or dealer. Child support payments.

You can categorize this point as a factor of consideration before buying a used car under $500. You should note that the maintenance cost of a used car is cheaper than that of a brand new car. Although the maintenance cost mainly depends upon the type of car you owned, the approx cost is below $100 annually.

Social Security and Medicare taxes are automatically withheld by your employer and have fixed rates. The Medicare tax rate is currently 1.45% for the employer and 1.45% for the employee (2.9% total). The Social Security tax rate is currently 6.2%for the employer and 6.2% for the employee (12.4% total).