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Which of these statements abut state income taxes is false?
All states have state income taxes.
Federal taxes must be the same in every state?
Federal income taxes would be filed using 1 1040 federal income tax return combining all of the different states income on the 1 1040 income tax return.
What do state income taxes not pay for?
State income taxes don't pay for road repair in other states.
Do only some states collect income tax?
A more accurate statement would be that only a few states (7) don't collect income taxes. Most of the states that don't have an income tax have much higher property taxes, sales taxes, and other taxes to make up the difference.
What are types of State taxes in the United States?
In the United States, States have taxes on a number of items. Below is a list of taxes that States have created. Not all States have all the taxes listed: * personal income; * sales taxes; * corporate taxes; * gasoline taxes; and * property taxes.
Are federal corporate income taxes deductible for state income taxes?
In general, states do not allow a deduction for federal income taxes as most states "piggyback" off of federal taxable income as the beginning of the state income tax calculation. However, the states of Alabama , Iowa , Louisiana , and Missouri have variations of state taxable income that allows for some potential deduction for federal income taxes. Each of these four states has its own unique methodology for the deduction and each place certain restrictions on the ability to take the deduction.
Do federal judges pay income taxes?
Yes, they pay income taxes, as does every other wage earner in the United States.
Can I file my taxes using two W2s from the same employer but different states?
Yes, you can file your taxes using two W2s from the same employer but different states. You will need to report the income from both W2s on your tax return and may need to file state tax returns for each state where you earned income.
In what ways are progressive taxes and regressive taxes similar in terms of their impact on different income levels?
Progressive taxes and regressive taxes both impact different income levels by taxing individuals based on their income. However, progressive taxes impose higher tax rates on higher income levels, while regressive taxes impose higher tax rates on lower income levels.
Do estimated taxes have to be equal for all income sources?
No, estimated taxes do not have to be equal for all income sources. Taxes can be calculated separately for different types of income, such as wages, self-employment income, and investment income. Each source of income may have different tax rates and requirements for estimated tax payments.
Why do different states have different taxes?
Each state has a slightly different approach to taxation, and the blend of property, sales, payroll, and income taxes are different, based upon 50 different legislatures doing their individual "thing" in response to the voters and lobbyists in that state.
Can two states withhold state income taxes?
Yes and you must file income tax returns for both states.
