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Question 367 - CTFA discussion

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If you had a savings account at a bank, which of the following would be correct concerning the interest that you would earn on this account?

A.
Sales tax may be charged on the interest that you earn
Answers
A.
Sales tax may be charged on the interest that you earn
B.
You cannot earn interest until you pass your 18th birthday
Answers
B.
You cannot earn interest until you pass your 18th birthday
C.
Earnings from savings account interest may not be taxed
Answers
C.
Earnings from savings account interest may not be taxed
D.
Income tax may be charged on the interest if your income is high enough
Answers
D.
Income tax may be charged on the interest if your income is high enough
Suggested answer: D
asked 16/09/2024
Michael Love
27 questions
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