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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.
Do NC retired state employees pay fereral or state taxes on state retirement income?
Yes, North Carolina retired state employees are required to pay federal taxes on their state retirement income. However, they do not pay state income taxes on their retirement benefits, as North Carolina exempts these payments from state taxation. This means that while they enjoy a tax advantage at the state level, they still need to account for federal tax obligations.
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 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.
What is the difference between state income tax and federal income tax?
State goes to state budget & Federal goes to ferderal budget.
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.
Is social security taxable in Pennsylvania?
In Pennsylvania, Social Security benefits are not subject to state income tax. However, they may be subject to federal income tax depending on your overall income level. It's important for residents to consider their total income when determining potential federal tax obligations. Always consult a tax professional for personalized advice.
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 percentage of tax self employed pay on income in Ohio?
In Ohio, self-employed individuals are typically subject to federal income tax, self-employment tax (which includes Social Security and Medicare taxes), and state income tax. The federal self-employment tax rate is 15.3% on net earnings, while Ohio's state income tax rates range from 0.5% to 3.99%, depending on income levels. Therefore, the total percentage of tax paid by self-employed individuals varies based on their income but generally includes both federal and state tax obligations.
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.
