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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.
Can I deduct state income tax on my federal return?
Yes, you can deduct state income tax on your federal tax return if you itemize your deductions instead of taking the standard deduction.
What is FIT deduction?
It stands for Federal Income Tax. SIT stands for State Income Tax
Is maternity leave considered taxable income?
Maternity leave pay is generally considered taxable income, subject to federal and state income taxes.
Should state and federal allowances be equal?
State and federal allowances do not necessarily need to be equal. Each level of government has different responsibilities and funding needs, so their allowances may vary based on these factors. It is important for both state and federal governments to have the resources they need to fulfill their obligations to the public.
If a debtor has a judgment against you are they able to take your federal income tax return?
All taxes federal , state or municipal comes first. All personal debt obligations comes after the taxes.
You do not have to pay states taxes on interest earned on?
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:
Can medical bills be taken out of Federal Income tax returns in the state of South Carolina?
Yes and the state doesn't matter on federal income tax returns. Federal is federal and state is state.
When filing for the state income taxes do you receive your federal income tax refund as well as your state income tax refund?
No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.
What is the difference between state income tax and federal income tax?
State goes to state budget & Federal goes to ferderal budget.
What are the major sources of nontax revenue available to the states?
Major sources of nontax revenue available to states include fees for services (such as licensing fees), fines and penalties, revenue from investments, sales of state assets, lottery proceeds, and federal grants. These sources help supplement state budgets and reduce reliance on taxes.
Similarities between state income tax and federal income tax?
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.
What is the largest nontax source of revenue for the state of Georgia?
The state lottery is the major nontax revenue in Georgia. The lottery contributes more than $700 million of revenue annually to Georgia.
Do you have to claim a state tax refund on your federal taxes as income?
Yes. State refund must be claimed as income on your federal return.
Is your income tax return qualify as income?
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.)
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.
Is there a Federal deduction for state back tax payments?
State income taxes are deductible from Federal taxable income in the year they are paid, regardless of when they were due.
