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Do state of Illinois retired teachers have to pay state or federal tax?
California teacher salaries are subject to the same state income taxes as any other salaries in the state of California.
First, it depends on whether you have a gain or loss on the stock. If you sold it at a gain, then you have to see if it can be offset by losses on other sales. Assuming not, t…hen yes - the gain would be included in your taxable income. As for how much federal tax you would owe - that depends on how much other income you have and whether the gain is considered long-term (asset was held for more than one year) or short-term (held for one year or less). On the state side - that depends on your state. Some states charge no income tax, some states use a reduced rate for long-term (but not short-term) gains, and some tax all gains the same as other income. The short-answer to your question, however, is - generally yes, you do pay tax in that situation.
You may be required to pay federal taxes on a portion (50 or 85%) of your Social Security benefit if your total taxable income is $25,000 or more for a single person or $32,00…0 or more for a couple filing jointly. You may also be required to pay some form of state tax if you live in Minnesota, Nebraska, North Dakota, Rhode Island, Vermont, West Virginia, Connecticut, Iowa (phasing out between 2008 and 2014), Kansas, Missouri (phased out after 2010 tax year), Montana, Colorado, New Mexico or Utah.
Title 26 Section 1, et seq. of the United States Code says you have to pay duly calculated income taxes. Anyone who says that income taxes are unconstitutional has not r…ead the Sixteenth Amendment to the US Constitution, which states: " Congress shall have the power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration."
Even though the Amish do not collect Social Security, unemployment, or welfare benefits, they are still required to pay property, income, and sales tax. If they stay in thei…r own community and own their own business, they are not required to pay social security taxes.
No. At almost all levels one government exempts another...nd of course, governments are not businesses, they would be much closer to a Not For Profit organization, like …the United Way or such, and wouldn't have any taxable income.
You have to pay them both every year and can file for an extenstion but have to do for both seperatly.
I have no personal knowledge but according to what I was just reading, all but these The 14 states with independent retirement systems for teachers are: Alaska | Maine / …California | Massachusetts / Colorado | Minnesota / Connecticut | Missouri / Illinois | Nevada / Kentucky | Ohio / Louisiana | Texas
in the state of mass no you do not pay state or federal taxes. you are receiving a percentage of your income and it is offset to cover for taxes.
Penn., GA, and IL.
All workers in America, regardless of religious beliefs, are subject to the same taxes.
In US Air Force
No because Illinois will want some state income taxes paid on the income that was earned in Illinois.
State: roads, state parks, police departments. Federal : national parks , war . They also pay for law enforcement (police, sheriff and deputies), fire departments, educati…on (teacher salaries, books, schools, etc.), various government and public services, to name a few.
Retirees are not exempt from paying Alabama state tax. However, Alabama does not tax Social Security, Federal retirement benefits, Alabama state retirement benefits, and per…iodic distributions from private defined benefit pension plans. A "defined benefit" pension plan is a traditional pension plan where the employer guarantees a certain benefit when you retire. The does not include a 401k type of plan which is a "defined contribution" plan where you take your chances with your own investments. Distributions from IRA, 401k, etc plans are taxable in much the same manner as they are on your federal return. If you made deductible contributions to an IRA plan before 1982, you may be eligible for an additional adjustment. All other types of income are taxable the same for retirees as for anyone else.
Answer For US Federal taxes, it would depend on who was paying the premiums for one thing. If you pay the premiums yourself and the loss is not business related,… then no. If your employer pays the premiums or if the loss is business related then maybe. Based strictly on the information given in this question, the answer would be no.