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.[1]
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.[2] 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.
hope this helps !
Answer:
A. Connecticut
Explanation:
The colony of Connecticut started out as a series of separate, small settlements in the early 1600s. The colony, however, did not begin to grow until a large number of settlers came in 1636. These were Puritans from Massachusetts Bay Colony who wanted Connecticut to be a place for the expansion of Puritan beliefs. The settlements were not united until a charter from Charles II was obtained in 1662.
Answer:
Agricultural Problems and Gilded Age Politics. And Some Protest Movements.
Explanation:
Farmers no longer controlled the social, economic, or political systems and this was a bitter pill to swallow. II. The Unresponsiveness of the Republican and Democratic Parties to Agrarian Needs. During the Gilded Age from 1877-1896, political competition between the two major parties was incredibly intense and close.
And, After the American Civil War (1861–1865) agricultural prices began a long decline that lasted for a generation. Between 1870 and 1897 wheat fell from $106 per bushel to $63; corn fell from $43 to $29; and cotton fell from 15 cents a pound to five cents. At the same time farmers' costs of operation remained constant or increased. These costs included freight rates, interest on loans, and the cost of machinery and other needed commodities.
The cause of the farmers' troubles was overproduction occasioned by the expansion of the agricultural domain—it doubled during the same period—coupled with more efficient methods. Increased production overseas also contributed. However, U.S. farmers did not recognize the complexities of the matter. They believed they were the victims of a conspiracy generated by the railroad companies, the bankers, the grain elevator operators, and conservative politicians who favored a money system based on the gold standard. The latter was an outgrowth of the specie theory of money which held that precious metals must stand behind the circulating medium (money) to give it value. This system tended to keep money scarce and prices low. The farmers and their political leaders, on the other hand, adhered to the quantity theory of money which held that the amount of currency in circulation should be flexible (based on production) in order to meet the needs of all producers and debtors as well as creditors. A system based on this theory would tend to enlarge the money supply and make credit more easily available. It would also tend to drive prices up.
Therefore, The main problems American farmers faced in the 1890s included the steady decline of prices due to foreign competition and domestic overproduction, and the high rates charged by railroads and grain elevator operators to transport and store grains.
