Financial Toolset

Taxes

18 articles about taxes

How do I use the sales tax calculator?
•Financial Toolset Team

How do I use the sales tax calculator?

To use the sales tax calculator, enter the price of the item you want to buy and the sales tax rate for your area. The calculator will then show you the total cost, including tax.

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What if I don't know the sales tax rate?
•Financial Toolset Team

What if I don't know the sales tax rate?

If you don't know the sales tax rate, you can usually find it on your state or local government's website. Many calculators also provide links to help you find the correct rate.

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What is a carbon tax and how does it work?
•Financial Toolset Team

What is a carbon tax and how does it work?

A carbon tax charges companies for each ton of CO2 they emit. While the U.S. doesn't have a federal carbon tax, proposed rates of $50-200 per ton could cost households between $500 and $4,000 a yea...

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How much would a carbon tax cost my household?
•Financial Toolset Team

How much would a carbon tax cost my household?

Costs depend on your carbon footprint and tax level. At $100/ton (moderate level), the average American household (16 tons CO2/year) would pay $1,600/year. High emitters (20+ tons) pay $2,000+/year...

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Would carbon tax rebates help offset the costs?
•Financial Toolset Team

Would carbon tax rebates help offset the costs?

Yes, most carbon tax proposals include rebates to protect low-income households. A $100/ton tax with full rebates could cost $1,600/year but return $1,200-1,400 in rebates, netting $200-400/year co...

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How can I reduce my carbon tax burden?
•Financial Toolset Team

How can I reduce my carbon tax burden?

Switch to renewable electricity (-4-6 tons CO2/year), drive less or get an EV (-2-4 tons), improve home efficiency (-1-2 tons), and reduce consumption (-1-3 tons). These changes can cut your carbon...

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What's the difference between gross pay and net pay?
•Financial Toolset Team

What's the difference between gross pay and net pay?

Gross pay is your total salary before any deductions. Net pay (take-home) is what you actually receive after federal tax, state tax, FICA (Social Security and Medicare), and pre-tax deductions like...

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How accurate is this paycheck calculator?
•Financial Toolset Team

How accurate is this paycheck calculator?

This calculator provides estimates based on standard federal and state tax brackets, FICA rates, and common deductions. Actual withholding may vary based on your W-4 elections, additional income so...

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How are crypto gains taxed in the U.S.?
•Financial Toolset Team

How are crypto gains taxed in the U.S.?

Crypto is typically taxed as property. Profits from selling or swapping are capital gains (short‑term if held ≤1 year, long‑term if >1 year). Ordinary income applies to mining, staking, airdrops, a...

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Can I harvest crypto losses?
•Financial Toolset Team

Can I harvest crypto losses?

Yes. Realized losses can offset gains and potentially up to $3,000 of ordinary income annually in the U.S., with excess carried forward. Beware of wash‑sale rules as guidance evolves.

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How should I track transactions for taxes?
•Financial Toolset Team

How should I track transactions for taxes?

Maintain detailed records: dates, amounts, cost basis, fair value, fees, and wallet/exchange. Consider using crypto tax software and consolidate data across wallets and chains.

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