How much taxes will be taken out of $250,000 life insurance?

No way that the taxes on $170k of short term capital gains would be anywhere near $100,000. Using the 2014 tax tables and assuming the standard deduction and no mark-to-market election filed by the prior year filing deadline, the federal tax works out to $37,934. State taxes would add to that but would be less than half of the federal hit even in a high tax state.

A few tips: 1. You are hauling in more than enough to hire a professional tax adviser. There may be ways to reduce the hit.

2. Be sure to save for the future. Your income is not subject to FICA taxes so you won't be eligible for Social Security.

Medicare will require substantial premium payments. A tax pro can show you ways around that such as by using an S-Corp. 3.

Related to #2, you cannot contribute to most tax deferred retirement plans since your income is not earned income. Again, seek out a seasoned tax professional to advise you.

Taxes are not withheld on your stock sales, if you have made this kind of money in stocks you need to know what you expect you will be paying when you file and prepay on form 1040ES with only Sept 15 and Jan 15 remaining to be filed you might live with your parents but that doesn't necessarily make you a dependent, this $170K gain is certainly enough to provide more than 50% of your own support and not everyone is a day trader who can claim this income on Sch C and also meaning it is self employment--there is a clear definition of a day trader you need to determine, you can find a lot of answers at www.irs.gov and yes, cap gains are taxed at different rates, long term is 15%, short is regular tax rate(whatever your income determines).

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