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Those with the top 3% of income pay almost 93% of all taxes. See www.taxfoundation.org for some great statistics.
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Are state taxes deductible for federal corporate income taxes?
Yes, most state taxes are going to be deductible for federal taxes. Consult the tax manuals or your tax preparer for more information.
What does gross income net of taxes mean?
It means your gross income minus the net tax deductions, the tax deductions as federal income taxes, state taxes, Fica, medicare, SUI/SDI. Other taxes are not included, such as, life insurance, charity, or debts that are taken automatic from your paycheck.
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.
Most people mail the full amount owed in federal income tax each April?
No. Most people have a percentage of their income withheld for taxes.
What are the three taxes taken form your paycheck?
It will depend on where you reside as to what taxes are withheld. Federal Withholding taxes, FICA taxes, and Medicare taxes are the federal taxes that are withheld. Most people will also be effected by State taxes and some will even have to pay city or county income taxes along with the other taxes.
What level of government relies the most on income taxes?
Federal Gvt
Are state taxes deductible for federal corporate income taxes?
Yes, most state taxes are going to be deductible for federal taxes. Consult the tax manuals or your tax preparer for more information.
What does gross income net of taxes mean?
It means your gross income minus the net tax deductions, the tax deductions as federal income taxes, state taxes, Fica, medicare, SUI/SDI. Other taxes are not included, such as, life insurance, charity, or debts that are taken automatic from your paycheck.
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.
Most people mail the full amount owed in federal income tax each April?
No. Most people have a percentage of their income withheld for taxes.
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.
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 three taxes taken form your paycheck?
It will depend on where you reside as to what taxes are withheld. Federal Withholding taxes, FICA taxes, and Medicare taxes are the federal taxes that are withheld. Most people will also be effected by State taxes and some will even have to pay city or county income taxes along with the other taxes.
Do you get taxed if you only work 16 hours per week?
It depends on which tax you are talking about. There may be city income taxes, state income taxes, and federal income taxes, plus a tax for Medicare and a tax for Social Security. The Medicare and Social Security taxes are always taken from any amount of income. City, State and Federal income taxes have different rules. You have to look up those rules. For instance, some full time students don't have to pay federal income tax. Most tax rules have rules about how much you can earn before you get taxed.
If you file an extension for your federal taxes do you automatically get an extension for your state taxes?
It depends on the state, but in most cases that is correct. LA is that way.
Do people have to pay taxes while in prison?
Yes, individuals in prison are still required to pay federal income taxes on any income earned while incarcerated. However, they may not have access to certain deductions or credits available to those outside of prison.
Are the proceeds of a life insurance policy taxable?
They are usually not subject to Income Taxes, but may be subject to Estate Taxes. It would be VERY unusual for income taxes to be due. Federal estate taxes are not an issue if you are of modest means, but your state may have estate, inheritance, or death taxes that could impact most anyone.
