life insurance surrender tax
Collection of Life Insurance – Salvage Value is around $ 9000, taxable income is about $ 3000. The question is
For withholding taxes, What should I choose? 1) No federal income taxes or state should be retained, 2) Both the federal and state taxes to be withheld, 3) only taxes federal income to be withheld or, 4) on the state income tax to be withheld.
if that is the taxable income after federal taxes and state must be paid. You said in your question the "gains tax" is around $ 3000. If it is a taxable gain then there is no tax payable.
