Savings Bank Interest Rates Calculator

/* Global Styles */
body {
font-family: -apple-system, BlinkMacSystemFont, “Segoe UI”, Roboto, Helvetica, Arial, sans-serif;
line-height: 1.6;
color: #333;
max-width: 800px;
margin: 0 auto;
padding: 20px;
background-color: #f9f9f9;
}
/* Calculator Card */
.cgt-calculator-wrapper {
background: #ffffff;
border: 1px solid #e1e4e8;
border-radius: 8px;
padding: 30px;
box-shadow: 0 4px 6px rgba(0,0,0,0.05);
margin-bottom: 40px;
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.cgt-header {
text-align: center;
margin-bottom: 25px;
border-bottom: 2px solid #28a745;
padding-bottom: 15px;
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.cgt-header h2 {
margin: 0;
color: #2c3e50;
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.cgt-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
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@media (max-width: 600px) {
.cgt-grid {
grid-template-columns: 1fr;
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margin-bottom: 15px;
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.cgt-input-group select {
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.cgt-btn:hover {
background-color: #218838;
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/* Result Section */
#cgt-results {
margin-top: 25px;
padding: 20px;
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border: 1px solid #c8e6c9;
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.cgt-result-row {
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margin-bottom: 10px;
font-size: 15px;
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.cgt-result-row.total {
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padding-top: 10px;
margin-top: 10px;
font-weight: bold;
font-size: 18px;
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.cgt-disclaimer {
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margin-top: 15px;
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.article-content h2 {
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padding-bottom: 10px;
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margin-top: 25px;
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Capital Gains Tax Calculator (2024 Estimates)

Single
Married Filing Jointly
Head of Household

Short Term (Less than 1 year)
Long Term (1 year or more)

* This calculator provides estimates based on 2024 federal tax brackets. State taxes and NIIT are not included. Consult a CPA for professional advice.

function calculateTax() {
// 1. Get DOM Elements matching IDs EXACTLY
var purchaseInput = document.getElementById(“purchasePrice”);
var saleInput = document.getElementById(“salePrice”);
var incomeInput = document.getElementById(“annualIncome”);
var statusInput = document.getElementById(“filingStatus”);
var durationInput = document.getElementById(“ownershipDuration”);
var resultDiv = document.getElementById(“cgt-results”);
var displayGain = document.getElementById(“displayGain”);
var displayRate = document.getElementById(“displayRate”);
var displayTax = document.getElementById(“displayTax”);
var displayNet = document.getElementById(“displayNet”);
// 2. Parse Values
var buy = parseFloat(purchaseInput.value);
var sell = parseFloat(saleInput.value);
var income = parseFloat(incomeInput.value);
var status = statusInput.value;
var duration = durationInput.value;
// 3. Validation
if (isNaN(buy) || isNaN(sell) || isNaN(income)) {
alert(“Please enter valid numbers for prices and income.”);
return;
}
// 4. Calculate Gain
var gain = sell – buy;
// Handle Loss
if (gain <= 0) {
resultDiv.style.display = "block";
displayGain.innerHTML = "$" + gain.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
displayRate.innerHTML = "N/A (Loss)";
displayTax.innerHTML = "$0.00";
displayNet.innerHTML = "$" + gain.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
return;
}
// 5. Determine Tax Rate logic
var taxRate = 0;
var taxLabel = "";
if (duration === "short") {
// Short Term: Taxed as Ordinary Income
// Simplified 2024 Bracket Logic for estimation (Marginal rate at top of income)
taxLabel = "Ordinary Income Rate";
// Note: This logic approximates the marginal tax bracket the user falls into.
// Actual calculation involves progressive brackets, but for a single estimation tool,
// finding the top bracket is standard practice.
if (status === "single") {
if (income <= 11600) taxRate = 0.10;
else if (income <= 47150) taxRate = 0.12;
else if (income <= 100525) taxRate = 0.22;
else if (income <= 191950) taxRate = 0.24;
else if (income <= 243725) taxRate = 0.32;
else if (income <= 609350) taxRate = 0.35;
else taxRate = 0.37;
} else if (status === "married_joint") {
if (income <= 23200) taxRate = 0.10;
else if (income <= 94300) taxRate = 0.12;
else if (income <= 201050) taxRate = 0.22;
else if (income <= 383900) taxRate = 0.24;
else if (income <= 487450) taxRate = 0.32;
else if (income <= 731200) taxRate = 0.35;
else taxRate = 0.37;
} else { // Head of Household
if (income <= 16550) taxRate = 0.10;
else if (income <= 63100) taxRate = 0.12;
else if (income <= 100500) taxRate = 0.22;
else if (income <= 191950) taxRate = 0.24;
else if (income <= 243700) taxRate = 0.32;
else if (income <= 609350) taxRate = 0.35;
else taxRate = 0.37;
}
} else {
// Long Term: Preferential Rates (0%, 15%, 20%)
// 2024 Thresholds
taxLabel = "Long Term Rate";
if (status === "single") {
if (income <= 47025) taxRate = 0.00;
else if (income <= 518900) taxRate = 0.15;
else taxRate = 0.20;
} else if (status === "married_joint") {
if (income <= 94050) taxRate = 0.00;
else if (income <= 583750) taxRate = 0.15;
else taxRate = 0.20;
} else { // Head of Household
if (income <= 63000) taxRate = 0.00;
else if (income <= 551350) taxRate = 0.15;
else taxRate = 0.20;
}
}
// 6. Calculate Finals
var taxAmount = gain * taxRate;
var netProfit = gain – taxAmount;
// 7. Update UI
resultDiv.style.display = "block";
displayGain.innerHTML = "$" + gain.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
// Format percentage
var percentageStr = (taxRate * 100).toFixed(0) + "%";
if (duration === "short") {
displayRate.innerHTML = "~" + percentageStr + " (Short Term)";
} else {
displayRate.innerHTML = percentageStr + " (Long Term)";
}
displayTax.innerHTML = "$" + taxAmount.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
displayNet.innerHTML = "$" + netProfit.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
}

Understanding Capital Gains Tax

Calculating your potential tax liability on investments is a crucial part of financial planning. Our Capital Gains Tax Calculator helps investors estimate the federal taxes owed when selling assets such as stocks, real estate, or bonds. By inputting your purchase price, sale price, and annual income, you can determine whether you owe short-term or long-term capital gains tax.

Key Takeaway: The duration you hold an asset significantly impacts your tax rate. Assets held for more than one year usually qualify for lower tax rates.

Short-Term vs. Long-Term Capital Gains

The IRS categorizes capital gains based on the length of ownership:

• Short-Term Capital Gains: Assets held for one year or less. These are taxed as ordinary income, meaning they are subject to your standard federal income tax bracket (ranging from 10% to 37% in 2024).
• Long-Term Capital Gains: Assets held for more than one year. These benefit from preferential tax rates of 0%, 15%, or 20%, depending on your taxable income and filing status.

2024 Long-Term Capital Gains Tax Brackets

Unlike ordinary income, long-term gains are taxed at specific thresholds. Here is a breakdown of the 2024 brackets:

• 0% Rate: Applied to taxable incomes up to $47,025 (Single) or $94,050 (Married Filing Jointly).
• 15% Rate: Applied to incomes between $47,026 and $518,900 (Single) or $94,051 and $583,750 (Married Filing Jointly).
• 20% Rate: Applied to incomes exceeding $518,900 (Single) or $583,750 (Married Filing Jointly).

Net Investment Income Tax (NIIT)

High-income earners should also be aware of the Net Investment Income Tax (NIIT). If your modified adjusted gross income (MAGI) exceeds $200,000 (Single) or $250,000 (Married Filing Jointly), an additional 3.8% surtax may apply to your investment income, regardless of whether it is short-term or long-term.

How to Minimize Capital Gains Tax

There are several strategies investors use to reduce their tax burden:

1. Hold for over a year: Waiting until the 12-month mark passes converts short-term gains to long-term gains, potentially cutting your tax rate nearly in half.
2. Tax-Loss Harvesting: You can offset capital gains by selling underperforming assets at a loss. These losses can reduce your taxable gains dollar-for-dollar.
3. Utilize Tax-Advantaged Accounts: Trading within a 401(k) or IRA defers taxes until withdrawal (or eliminates them in the case of a Roth IRA).

Note: This calculator provides an estimate for federal taxes only. State taxes vary significantly and should be calculated separately. Always consult with a certified tax professional before making significant financial decisions.