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How do different states assess the amount of state income taxes they collect?
Some tax income at a flat percentage rate, a proportional tax. Some charge a percentage of a person's federal income tax. Others have a progressive tax like the federal income tax. A few states only tax interests and dividends from investments, not wages and salary. Seven states choose to impose no income tax. These states are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming.
Is a income tax benefit account a contra account of income tax expense?
The answer is no.A contra account to the "Income Tax Benefit (Deferred)" would be a "Income Tax Charge (Deferred)".
Who can tax income without apportionment among states?
Congress can tax income without apportionment among states
What states have both federal and state 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.
Are income tax payments deductible?
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.
Is there a constitutional basis for the American government to charge an income tax?
To this day, there here is a constitutional basis that definitely states for the American government is to charge an income tax. In the United States tax is determined by applying a tax fee which increases as income increases.
How do different states assess the amount of state income taxes they collect?
Some tax income at a flat percentage rate, a proportional tax. Some charge a percentage of a person's federal income tax. Others have a progressive tax like the federal income tax. A few states only tax interests and dividends from investments, not wages and salary. Seven states choose to impose no income tax. These states are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming.
What is the differences between VAT and income tax?
VAT is value added tax charge on sale and purchase. Income tax is tax charged on income received.
What states have no income or sales tax?
well Florida has no income tax
Is a income tax benefit account a contra account of income tax expense?
The answer is no.A contra account to the "Income Tax Benefit (Deferred)" would be a "Income Tax Charge (Deferred)".
What are the two largest sources of revenue for states?
The answer is sales tax and excise tax. Sales tax is charges on purchases of goods and services, usually a percentage of the price. Excise tax is a charge on products such as alcoholic beverages, gasoline, and tobacco.
Who can tax income without apportionment among states?
Congress can tax income without apportionment among states
What states have both federal and state 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.
Do US citizens have to pay tax on employment income?
Yes. It's called Income Tax. States can require an income tax, and there is tax payable to the Federal Government.
In which states is state tax not withheld from postal pensions?
States without a state income tax such as Florida, Texas, and New Hampshire do not have an income tax do not withhold from pensions.
What states have federal income tax?
It is much easier to tell you the states that do not have a personal income tax. Currently in 2009 seven states (Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming) do not tax personal income
Are income tax payments deductible?
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.
