0
How many percent you pay for federal taxes and state taxes on IRA rmd?
Wiki User
∙ 10y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
How many years can you deduct state income payments from your federal taxes?
20
How much does an average American pay in taxes a year?
The United States has a progressive tax system so the more your income, the higher your income taxes will be. U.S. Citizens are also subject to many, many different kinds of taxes. Some of these taxes include State and Local Income Taxes, State and Local Sales Taxes, State and Local Property Taxes on homes, land, and other property, State and Local Motor Vehicle Taxes, Federal, State and Local Gasoline Taxes, etc. There is also a host of embedded taxes that the people of the United States pay such as taxes that are imposed on business and corporations that are passed on to the consumer, taxes imposed on utilities, telephone, railroad, transportation, etc.
Can you file a state return but not federal?
In most states, yes. Since many states have a lower filing requirement than the federal government, this is not uncommon. Also, if you had state tax withheld but not federal tax but are otherwise below the filing threshold, you might want to do this. Note however that most states base their income taxes on your federal tax in some way, so you are probably going to have to fill out a federal tax form in order to calculate your state taxes even if you are not required to file it.
What is the difference between income taxes and state taxes?
Income taxes are taxes paid based on the amount of your wages and other forms of income, including but not limited to investment income, pensions, interest and dividend income, business income, rental income, etc. Income taxes are assessed by and paid to the federal government and, depending on where you live, also state and local governments. State taxes can come in many forms, including not only income taxes, but also property taxes, sales taxes, use taxes, excise taxes, business taxes, etc.
How many years do you have to file your income taxes if you are getting a refund?
It doesn't matter if you receive an income tax refund or not. The fact is is you worked and had federal and state taxes taken out you would need to file your taxes every year. However, much depends on your filing status (single, married, etc) and how much you made that year on whether you would file. To be on the safe side if you had federal and state taken out of your checks you should file.
American pay many taxes different type of taxes of federal state and local government?
Value added taxes
How many years can you deduct state income payments from your federal taxes?
20
Americans pay many different types of taxes to federal state and local governments?
Value added taxes
How much does an average American pay in taxes a year?
The United States has a progressive tax system so the more your income, the higher your income taxes will be. U.S. Citizens are also subject to many, many different kinds of taxes. Some of these taxes include State and Local Income Taxes, State and Local Sales Taxes, State and Local Property Taxes on homes, land, and other property, State and Local Motor Vehicle Taxes, Federal, State and Local Gasoline Taxes, etc. There is also a host of embedded taxes that the people of the United States pay such as taxes that are imposed on business and corporations that are passed on to the consumer, taxes imposed on utilities, telephone, railroad, transportation, etc.
How many different types of federal taxes are there?
penis
Can you move to Mexico and still collect your social security?
Yes, you can. Many people do. Remember you will also owe US state and federal taxes.
Can you file a state return but not federal?
In most states, yes. Since many states have a lower filing requirement than the federal government, this is not uncommon. Also, if you had state tax withheld but not federal tax but are otherwise below the filing threshold, you might want to do this. Note however that most states base their income taxes on your federal tax in some way, so you are probably going to have to fill out a federal tax form in order to calculate your state taxes even if you are not required to file it.
What is the difference between income taxes and state taxes?
Income taxes are taxes paid based on the amount of your wages and other forms of income, including but not limited to investment income, pensions, interest and dividend income, business income, rental income, etc. Income taxes are assessed by and paid to the federal government and, depending on where you live, also state and local governments. State taxes can come in many forms, including not only income taxes, but also property taxes, sales taxes, use taxes, excise taxes, business taxes, etc.
Which branch collects taxes?
The Internal Revenue Service which is a part of the Executive branch collects taxes. The Legislative branch which is Congress creates taxes.
What types of taxes are federal taxes?
Federal taxes are paid to the federal government. There are many different ones; in the transportation business income tax, Social Security tax, unemployment tax, fuel tax, road tax and federal excise tax are the most important.
What are the state and federal taxes on wages in Illinois?
Illinois state tax is 3% (a/o 5/13/2009) Federal taxes are dependent on amount of wages earned and eligible deductions/dependents.
Why are federal and state taxes automatically withheld from your check?
State and federal taxes are withheld after you filled out a form saying you're claiming "zero" dependents. Generally, If you fill out your employment tax form and claim you have dependents less to no taxes will be paid out. However, you will still be responsible for paying Uncle Sam at the end of the year.Another View: To answer the question that was actually asked . . .because federal and state law require your employer to do so.As the non-answer above states, it is then up to you to decide how large the deduction from your pay will be by claiming however many deductions you are entitled to.
