How much taxes ?

I sold an item how much tax should I take out of $2100 to compensate when tax season arrives.
jeannie10210@yahoo.com

Depends on the cost of the item, the cost is subtracted from the sale price. Depends on your income level and the marginal tax rate you are in.

Example cost 1,100 therefore 1,000 profit only 50% taxable, threfore 500 is included in you taxable income assum 30% rate that would be 150.

I generally use 10% although my taxes, after all deducts, is only about 6%. Ten should be safe. They like for you to send it in on a 'pay as you go' format, on a quarterly basis. I take it you're referring to $2100 profit, as only the profit is taxable. Interestingly if you bought $50,000 worth of stock, 10 yrs ago, and sold it for $100,000 today, you'd pay tax on $50,000 profit. whereas inflation would prob'ly have rendered most of the 50G profit imaginary.
Yours truly, USA Yahoo

HOW MUCH TAXES?? i think that u dint have to take out taxes from the 2100 i think that once you sell an item why u giong to take taxes??? Ur question is not clear for me. you mean that u want to make deduction from your taxes. actually it depends how much you made this year. this is call itemized deduction which you include all your expensive. sometimes you GET SOME money back because OF YOUR EXPENSIVE DURING THE YEAR., but sometimes you dont. This is the mistake that many people make. they think because they sold something or brought cloths , they can put it in their taxes. and this is VERY WRONG.but it depends what type of item you sold??
PLUS. AM NOT SURE BUT I DO NT THINK THAT WHEN YOU SELL AN ITEM YOU CAN PUT IT IN YOUR TAXES. BUT I DO NT KNOW IF AM RIGHT!
I THINK THAT U SHOULD CONSULT A TAX PROFESSIONAL TO HELP YOU IN THIS QUESTION.

Jeannie, it looks to me that all the above Yahoos are answering for the US, Canadian tax law and rates are much different than ours.

Your question implies you sold something, so (and not knowing how your GST works or what province you live in) if you are speaking income taxes you only figure the tax on the actual profit. Price sold- cost of sale & cost of item= profit.

Hope a Canadian professional will help you out.

What type of item was it? Is it a capital item, which only 1/2 of the difference between the ACB and the proceeds are included in income, or was it something else? Is it a personal use property? There are too many variables for me to know even how to calculate the amount to include in income let alone how much tax to set aside. What tax bracket are you in? When it is determined what type of income this is, ultimately, it will be added to your other income, and you'll be taxed at your marginal rate.

Send it all to the IRS... then let them send back what they think you deserve to keep.

Want an alternative to income tax? Check out fairtax.org