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In addition to federal income tax many people also pay state income tax.?
Wiki User
∙ 6y ago
Is this a question? If so, the answer is yes, most States in the U. S. require filing and payment of Federal and State Income Tax Returns.
Wiki User
∙ 6y ago
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What percentage of tax do you have to pay on capital gain?
The federal long term capital gains rate is 15% for most people. For low income people in 2008 thru 2010, the rate is 0%. The federal rate for short term capital gains is the same as the rate on ordinary income. In addition, state income taxes may apply, which vary by state.
Can medical bills be taken out of Federal Income tax returns in the state of South Carolina?
Yes and the state doesn't matter on federal income tax returns. Federal is federal and state is state.
When filing for the state income taxes do you receive your federal income tax refund as well as your state income tax refund?
No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.
Do you have to claim a state tax refund on your federal taxes as income?
Yes. State refund must be claimed as income on your federal return.
Is your income tax return qualify as income?
In the U.S., your federal income tax refund does not count as taxable income for the next year. If you receive a refund from your state, and you itemized your deductions on the federal return, then the state refund will count as income on your federal return. (If you didn't itemize, then your state refund won't count as income.)
What percentage of tax do you have to pay on capital gain?
The federal long term capital gains rate is 15% for most people. For low income people in 2008 thru 2010, the rate is 0%. The federal rate for short term capital gains is the same as the rate on ordinary income. In addition, state income taxes may apply, which vary by state.
Can medical bills be taken out of Federal Income tax returns in the state of South Carolina?
Yes and the state doesn't matter on federal income tax returns. Federal is federal and state is state.
When filing for the state income taxes do you receive your federal income tax refund as well as your state income tax refund?
No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.
What is the difference between state income tax and federal income tax?
State goes to state budget & Federal goes to ferderal budget.
Similarities between state income tax and federal income tax?
The taxable amounts of the income from each income tax return will be taxed at the tax rates for the state and for the federal.
Do you have to claim a state tax refund on your federal taxes as income?
Yes. State refund must be claimed as income on your federal return.
Is your income tax return qualify as income?
In the U.S., your federal income tax refund does not count as taxable income for the next year. If you receive a refund from your state, and you itemized your deductions on the federal return, then the state refund will count as income on your federal return. (If you didn't itemize, then your state refund won't count as income.)
When filing for the federal income tax return do you have to attach schedule a for the state income tax return?
No, when filing for the federal income tax return, you do not attach the Schedule A for the state income tax return.
Is there a Federal deduction for state back tax payments?
State income taxes are deductible from Federal taxable income in the year they are paid, regardless of when they were due.
Do you send a copy of your Calif state taxes with federal taxes?
No you do not send a copy of the state income tax return with the federal income tax return.
Which state residents pay the most federal taxes?
The answer depends on what you meant by the "most" and "state residents". All residents pay the same federal income taxes. The amount of federal tax you pay depends on your income and not the state you live in. State income taxes vary by state. If you meant which state pays the most taxes then the answer is California. People in California collectively pay the most federal tax because of the state's large population. If you meant which state pays the most per person, on average, the answer is Deleware. The total taxible income of people in Deleware is very high compaired to its population. The District of Columbia actually pays the most per person, on average, but it is not a state.
Does Texas have state income taxes?
No Texas does not have a state income tax.
