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What are federal non-tax and state income tax obligations?


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Answered 2008-02-01 13:44:31

this is a question when is the last day you can send in federal income tax


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All taxes federal , state or municipal comes first. All personal debt obligations comes after the taxes.

Yes and the state doesn't matter on federal income tax returns. Federal is federal and state is state.

No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.

The interest that you receive on treasury bills and bonds is tax exempt income for state and local taxes.In some states interest earned on specified state and municipal obligations is exempt from both state and federal income tax:

State goes to state budget & Federal goes to ferderal budget.

State Income Tax is an extension of the Federal Income Tax. The ability to collect a State income tax requires that the Indirect Excise Taxable event has occurred within the borders of such State with an income tax and that there is federally adjusted gross income. ** See my other responses on what is the income tax to understand the nature of the income tax ** State income taxes are not separate from the Federal income tax, but are merely an extension of the federal tax where otherwise federal income tax liability exists, the State collects a share, that's it.

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.

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.)

Yes. State refund must be claimed as income on your federal return.

No, when filing for the federal income tax return, you do not attach the Schedule A for the state income tax return.

The state lottery is the major nontax revenue in Georgia. The lottery contributes more than $700 million of revenue annually to Georgia.

State income taxes are deductible from Federal taxable income in the year they are paid, regardless of when they were due.

No you do not send a copy of the state income tax return with the federal income tax return.

Every state has a federal income tax that each person must pay.

Federal goes to Washington, D.C. State goes to State.

State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.

Interest payments on Treasuries are subject to federal income tax, but not state income tax. If you buy and sell Treasuries, any capital gains are also subject to federal and usually state income taxes.

FEDERAL income tax is governed by FEDERAL law and regulations- same everywhere. Different STATES may have different STATEtaxes.

You have only the Federal income tax return and Maine state income tax return. The due date for the Federal income tax return and amount due is April 15 2010. The Maine state income tax return and any amount that is due is also April 15 2010.

If you live in New York City, you pay federal, state, and local income tax. If you live in Indiana, you pay federal, state, and county income tax.

All states have federal income tax. The only states with no state income tax are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming.

Yes when you have taxable income you would file a federal and state income tax return.

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.

Yes. example: Federal allows certain deduction from your wages (sec125 healthcare, transportation,). In New jersey those payments must be added back - they don't allow for those deductions Happens almost always. Just to start, STATE income tax paid is a deduction from FEDERAL income, but not from state income obviously (that would be circular).

It stands for Federal Income Tax. SIT stands for State Income Tax

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