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In what ways do state constitutions differ from the U.S. Constitution?
State constitutions differ from the U.S. Constitution in several ways. State constitutions are more detailed and specific to the needs of each state, covering a wider range of issues such as education, local government, and natural resources. State constitutions can also be amended more easily than the U.S. Constitution, allowing for more frequent updates to reflect changing circumstances within the state. Additionally, state constitutions may provide more protections and rights to their citizens than the U.S. Constitution.
How much profit may individuals keep in capitalism?
There is no limit on profit, except taxes.
Do residents of Louisiana have to pay taxes on online gambling winnings?
Yes they do. Gambling winnings are taxable no matter what state you live in for Federal taxes. State taxes may or may not be taxable but most likely it is taxable in the State as well.
Taxes collected by congress may differ from state to state?
JibaHaodantenga
How much tax if any can you deduct on your federal and or state income tax?
Obviously, tax isn't deductible from determining the income that is taxable, for the same tax involved. There is no limit to the amounts. Generally: Federal - State (and city) income taxes and property taxes, (and under a new rule some sales taxes if your in a state without property tax), and of course a plethora of the payroll type taxes may or may not be currently includable in determing Federal taxable income. State Income taxes do not allow their own State (and sometimes other States) taxes to be deducted...essentially you add them back to your Federal Taxable Income. They may also consider some things like Unemployment Ins payments (and other payroll taxes) differently than the Feds. Also generally, to be currently deductible, the tax must have been paid to the jurisdiction, not just what you expect to pay.
Can additional federal taxes paid in 2007 for tax year 2006 modify your state taxes for 2007 taxes?
No. While State taxes are a deduction to Federal income and hence may change your tax due to the Feds, your Federal tax does not effect your State taxes in any year.
What happens if I go over the 401k limit?
If you exceed the 401k contribution limit, you may face penalties and taxes on the excess amount. It's important to stay within the annual limit to avoid these consequences.
Can you deduct the amount you pay your tax account?
I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
Are inheritance taxes due on 100000?
Whether inheritance taxes are due on a $100,000 inheritance depends on the jurisdiction and the specific tax laws in place. In the United States, for example, federal inheritance tax does not exist, but some states impose their own inheritance taxes, with thresholds that vary by state. If the estate exceeds the state’s exemption limit, taxes may be owed. It's important to consult local tax laws or a tax professional for specific guidance.
Breakdown of payroll taxes?
Payroll taxes primarily consist of Social Security and Medicare taxes, which are collectively known as FICA taxes. Employers and employees each contribute 6.2% for Social Security on income up to a certain limit, while both contribute 1.45% for Medicare with no income cap. Additionally, there may be federal, state, and local income taxes withheld from employee wages. Other payroll-related taxes can include unemployment taxes, which are typically paid by employers.
What happens if you exceed your 401k contribution limit?
If you exceed your 401k contribution limit, you may face penalties and taxes on the excess amount. It is important to stay within the annual limit set by the IRS to avoid these consequences.
What happens if you go over the 401k limit?
If you exceed the 401k contribution limit, you may face penalties and taxes on the excess amount. It is important to stay within the annual limit set by the IRS to avoid these consequences.
