0
16.5
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
What are the tax free dates in Puerto Rico for 2012?
July 13 to July 15, 2012
What is the sales tax rate at Puerto Rico?
The Puerto Rico sales and use tax rate is 11.5%.
What taxes would Puerto Rico have to pay if they became a state?
puerto rico would have more money then what is has now
What are some reasons against statehood for Puerto Rico?
Tax, lost of culture
Do Puerto Rican citizens pay US income tax?
Puerto Ricans are US citizens. US citizens who live in Puerto Rico are not subject to the US Federal income tax on income they make from sources in Puerto Rico. Any Puerto Rican who moves to another part of the US is subject to Federal income tax just as all other US citizens are.
Why Puerto Rico doesn't pay any taxes to america?
Puerto Ricans pay PLENTY of taxes to the United States federal government. However PERMANENT residents of Puerto Rico are exempt from paying federal income tax on money earned in Puerto Rico. The reason is Puerto Ricans do not have a vote in Presidential elections and do not have any voting representation in Congress. It is an outgrowth of "no taxation without representation". Puerto Rican residents pay federal income tax on any income earned from outside the island of PR, Social Security, Medicare, Payroll Tax, Capital Gains tax and a very hefty state tax, among other taxes not listed here.
Does wage income reported in Puerto Rico also have to be reported in the US on Form 1040?
Excluding income from your U.S. tax return depends on whether you're a bona fide resident of Puerto Rico during the entire tax year. Generally, U.S. citizens and resident aliens who are bona fide residents don't report on their U.S. income tax return any income received from sources inside Puerto Rico. But any income received from sources outside Puerto Rico is reported on their U.S. income tax return. Resident aliens or U.S. citizens who aren't bona fide residents of Puerto Rico aren't allowed to exclude their Puerto Rico income. Instead, they're required to report all income from every source on their U.S. income tax return. Two helpful IRS publications are Publication 570 (Tax Guide for Individuals with Income from U.S. Possessions) and Publication 1320 (Special Instructions for Bona Fide Residents of Puerto Rico Who Must File a U.S. Income Tax Return). You can print them online at www.irs.gov/formspubs by clicking on 'Publication Number' and entering them in the Find Box
Is the Puerto Rico Electric Power Authority is this bond tax free in Connecticut?
Yes, it is tax free federally and in every US state,
How do you do a tax return for a merchant marine?
I have a merchant marine who has his permanent residence in puerto Rico and live in va for one month. What tax returns do I file?
Do Puerto Ricans pay US self-employment tax?
Puerto Ricans permanent residents pay ALL federal taxes except federal income tax on money earned on Puerto Rico from businesses located on Puerto Rico. The so-called "Self-employment tax" is the portion of social security and medicare tax payed by an employer on behalf of their employee. So if some one is their own employee (self-employed) they have to pay the business portion of these taxes as well as the employee's portion. This means that Puerto Ricans have to pay the so-called self-employment tax.
What two rights do people born in Iowa have that someone born in Puerto Rico does not have?
None. If the person born in Iowa moves to Puerto Rico as a permanent resident, they cannot vote for President and do not have congressional representation (except for a single delegate that can vote but his vote cannot break ties-therefore worthless). The Puerto Rican resident does not pay federal income tax on money Earned on Puerto Rico. Plenty of taxes are still paid, just not federal income tax on money earned on Puerto Rico while a resident of Puerto Rico. A person born in Puerto Rico that moves to Iowa as a permanent resident has the identical rights as his neighbors. There is a question whether or not a person born on Puerto Rico can run for President since it is not a state. But most scholars think that if that person is a resident of one of the 50 states when running for President, it would not be an issue. People born in Puerto Rico are citizens of the US by Statute, not by Constitution, but again, most scholars think this is a distinction without a difference.
Do home owners in Puerto Rico pay real estate taxes?
Only if you live in the United States and own the home as an investment. Say you live in Philadelphia and own a property in Puerto Rico, then you have to pay a tax and if you rent it out its double.
