How much tax do you pay on personal income?
In the US, income is taxed directly as an income tax. It is, however, also taxed indirectly in the form of sales taxes and personal property taxes; a person who has more income is likely to also spend more money buying things (and therefore pay more sales tax) and own more and higher value personal property (and therefore pay more personal property tax).
What are the six main areas of business operations that the government regulates? As a sole proprietor or a partner, the income your business earns is considered your personal income. As a result, the business income is taxed at your personal tax rate. It is doubled when you are a self-employed business owner because you are considered both employer and employee. It is different for a corporation because you pay personal income tax based on…
If you live in a state that does have a state income tax and work in a state that does not have a state income tax are you obligated by law to pay state income tax to your home state?
This is a general question about taxes but I assume you mean Income Taxes. Unfortunately everyone pays one form of tax or another almost on a daily basis, no matter how much they make annually. (i.e. sales tax, cigarette tax, gasoline tax, and so on..) Your question should be.. Are you required to even pay an Income Tax according to the LAW? You may find out that you are not required to pay income tax…
Of course we are. Everyone thinks they are taxed too much except for the almost 50% of people who pay no income tax. Income tax is not the only form of taxes that we pay though. We pay sales tax; gasoline and other fuels tax; liquor, beer and wine tax; telephone service tax; vehicle tax; etc. etc. etc.
There are many, many different 1099s and some can handle many different types of things. The tax you pay on most ANY income depends on your own personal situation, other income, expenses, deductions, etc., etc., Many times, all or part of the income on a 1099 is not taxable at all....it must be reported, but isn't taxed.
As with federal taxes, there is no flat tax rate in West Virginia. The effective rate that you pay depends on your filing status, taxable income, and available credits. Please use the link below to go to the West Virginia Personal Income Tax Forms and Instructions for 2012 (the most recent publication) for more information and tax tables.