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What is the tax rate for vacation pay?
The tax rate for vacation pay is the same as the tax rate for regular income, which is based on your total income and tax bracket.
Is vacation pay taxable?
Yes, vacation pay is generally considered taxable income and is subject to federal income tax, as well as potentially state and local taxes.
Do you pay tax on municipal bonds?
No, you do not pay federal income tax on interest earned from municipal bonds, but you may owe state or local taxes depending on where you live.
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.
Do you have to pay income on money you inherited from your great aunt?
You don't have to pay income tax on money. You may have to pay income tax if you receive property that has increased in value since your aunt died. You would pay tax on the profit when you sell it. You may have to pay income tax when you take withdrawals from a tax-deferred account you inherited from your aunt (such as a traditional IRA or 401k). You may have to pay income tax on the interest from US Savings Bonds you inherited. Some states impose an inheritance tax (which is different from an income tax). You may have to pay an inheritance tax. If the estate failed to pay any tax that might be due before distributing property to you, the IRS may come looking to you to recover some of the property.
Do you pay taxes in Washington State on lottery winnings?
Washington State does not have a personal income tax, so you will not pay any state income tax. You will still pay Federal income tax on lottery winnings, though.
If you live in a state that has income tax and work in a state that doesn't do you have to pay income tax?
it is residential
When you sell land do you have to pay income tax in the state the land was located?
If the state has an income tax, then yes.
If you live in FL and work in PA do you have to pay state income tax in PA?
Yes you will have to file the Pa state income tax return correctly to determine if you have to pay any PA state income tax.
If you live in a state that does have a state income tax and work in a state that does not have a state income tax are you obligated by law to pay state income tax to your home state?
From personal experience, if you live in Oklahoma and your workplace is in a different state, you are obligated pay Oklahoma state income taxes on those wages. This is probably true for all other state income tax states.
If you live in a state that does not have a state income tax and work in a state that does have a state income tax are you obligated by law to pay state income tax to the other state?
Yes..only on that portion of income properly allocated or attributable to that State.
If you live in FL and work in another state where do you pay state income tax?
The state where you work and earn the income wants to collect some state income tax on the income that you earn in that state.
What is th minimum yearly income needed to pay income tax in Texas?
Texas has NO state income tax
can you pay state income tax on line with credit card and mail the form ?
can you pay state income tax on line with credit card and mail the form
Do you pay North Carolina state income tax if you only lived there for 3 months?
You pay state income tax for the three months you've lived there.
What are the uses of income tax?
Income tax is used to pay for services provided by the state - such as education and healthcare.
Do day traders pay state taxes on their earnings?
If the state has income tax, the day traders will pay state income taxes on their earnings.
