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What is the law on taxes on money made on Indian reservations?
Income generated on Indian reservations is generally exempt from federal income tax. However, state income taxes may still apply, depending on the specific laws of the state where the reservation is located. Additionally, income earned from sources outside the reservation is subject to federal income tax.
What taxes do residents of Indian reservations pay?
Residents of Indian reservations are generally exempt from state income taxes on reservation income, but they are still subject to federal income taxes. They may also pay sales taxes and property taxes depending on the location and specific agreement between the tribe and surrounding state or local government.
Taxes on lottery winnings in the state of Minnesota?
In Minnesota, lottery winnings are subject to federal income tax but not state income tax. However, other taxes such as federal gift tax may apply depending on the circumstances. It's advisable to consult with a tax professional to determine the specific tax implications of lottery winnings in your situation.
What Is No Income Tax Law?
One thing some people may have heard of is "no income tax law." This phrase can actually refer to a few different kinds of law. First, it refers to the law of states that do not tax the income of their citizens. Secondly, it can also refer to federal laws that allow certain individuals to avoid paying federal income taxes. Most states in the US charge a state income tax. This is done to help fund services provided by state governments to their citizens. However, not every state actually has a state income tax. Several don't. These states include Florida, Alaska, South Dakota, Nevada, Texas, Wyoming and Washington. However, there are a few exceptions in these states. Sometimes corporations that reside in these states are still forced to pay state income taxes. This is the case in Florida. A few additional states only charge state income taxes on certain kinds of income. In Tennessee and New Hampshire, the state government only charges income taxes on income produced from either dividends or interest. However, states that have no state income tax make up the revenue it other ways. Sometimes this is done through higher sales taxes. If the cost of living is high enough in a state, a high sales tax can more than make up for not having a state income tax. In other states without a state income tax, this lost revenue may be made up for with high property taxes. This is why a person should be educated on all taxes before moving to a new state. In other cases, "no income tax law" may refer to laws that allow certain individuals to avoid paying federal income taxes. One of the largest groups of these people are those with no income or income so low that no income taxes are applied. However, there are also cases in which individuals with significant levels of income can also avoid paying income taxes. This is due to specific deductions, tax credits and "loop holes" that exist within the tax code that can be taken advantage of. One such example is the earned income tax credit. When this tax credit was introduced into the tax code, it resulted in an extra six percent of income tax filers not having to pay any income taxes at all. The percentage of people who file that don't have to pay income taxes also increased significantly when a child tax credit was introduced under the Bush administration.
Do people have to pay taxes while in prison?
Yes, individuals in prison are still required to pay federal income taxes on any income earned while incarcerated. However, they may not have access to certain deductions or credits available to those outside of prison.
Are federal income taxes deductible for federal corporate income taxes?
No, they are not.
You owe 50000 can you surrender cash value on your life ins?
You owe 50000 you can surrender the cash value of your life insurance. This may result in federal and state income taxes where applicable.
What is the federal government's source of income?
Individual income taxes is the federal government's largest source of funds.
Do your race have any bearing on your federal income taxes?
Race does not have any bearing on US Federal income taxes.
Is it legal in MI for the lender to garnish your income taxes?
Yes....but not your federal income taxes.
Can you still file income taxes even though no federal taxes were taken out of check?
Can you still file income taxes even though no federal taxes were taken out of check?
Can federal taxes withheld be tax deductible?
You cannot deduct withheld federal taxes on your federal income tax return. There are some states that allow the deduction of withheld federal taxes on the state income tax return.
Largest source of revenue for the federal government?
The largest source of revenue for the federal government has been individual income taxes and payroll taxes. These taxes account for 82% of all federal government income.
Where does largest source of federal revenue from taxes come from?
Income Taxes(:
Does Florida have federal taxes?
The United states Treasury department (IRS) has federal income taxes. Income tax return 1040. Florida does NOT have a personal state income tax.
Does Texas have state income taxes?
No Texas does not have a state income tax.
Do you send a copy of your Calif state taxes with federal taxes?
No you do not send a copy of the state income tax return with the federal income tax return.
