What does state income tax mean?
Definitions for state income tax
state income tax
This dictionary definitions page includes all the possible meanings, example usage and translations of the word state income tax.
Wikipedia
State income tax
Most individual U.S. states collect a state income tax in addition to federal income tax. The two are separate entities. Some local governments also impose an income tax, often based on state income tax calculations. Forty-three states and many localities in the United States may impose an income tax on individuals. Forty-seven states and many localities impose a tax on the income of corporations.State income tax is imposed at a fixed or graduated rate on taxable income of individuals, corporations, and certain estates and trusts. The rates vary by state. Taxable income conforms closely to federal taxable income in most states, with limited modifications. The states are prohibited from taxing income from federal bonds or other obligations. Most do not tax Social Security benefits or interest income from obligations of that state. Several states require different useful lives and methods be used by businesses in computing the deduction for depreciation. Many states allow a standard deduction or some form of itemized deductions. States allow a variety of tax credits in computing tax. Each state administers its own tax system. Many states also administer the tax return and collection process for localities within the state that impose income tax. State income tax is allowed as a deduction in computing federal income tax, subject to limitations for individuals.
Numerology
Chaldean Numerology
The numerical value of state income tax in Chaldean Numerology is: 7
Pythagorean Numerology
The numerical value of state income tax in Pythagorean Numerology is: 7
Examples of state income tax in a Sentence
I think most people that come here would say we have better roads, infrastructure, services, our K-12 schools perform higher, we have the number one rated public university system in the country. And we do all that with no state income tax and in fact have the lowest per capita tax burden in the country. And we have over $15 billion in surplus revenue.
Let's cut our state income tax rate from 7 percent to 5 percent over the next decade. That's a nearly 30 percent reduction in state income taxes, it will be a massive draw for jobs and investment to come to our state.
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"state income tax." Definitions.net. STANDS4 LLC, 2024. Web. 16 Apr. 2024. <https://www.definitions.net/definition/state+income+tax>.
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