Question

A state’s taxes are determined by

Answer 1

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.

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Answer 2

The state’s taxes are determined by the State Legislature or the State government.  

Further Explanations:

Every State of the United States levies tax on its dwellers apart from the “Federal tax” levied on them. In the United States, even the States are having the authority to levy income tax on its dweller. Three-fourth States are imposing income tax on its dwellers calculated as per the annual earnings of the individual along with his existing asset. The tax collected from the dwellers in is used by the state administration to award the funds allotted for the development of the citizens of the State itself.

Taxes  are the monetary charges imposed upon the taxpayer of the nation by governmental administrations in order to fulfil the resident’s public expenditure. If an individual flops to pay the tax, he can be rebuked as per the regulation. The United States tax system also replicates its federal nature presenting a tax specialization through level of government. Income tax levied at the Federal level, sales tax or consumption tax at State level and property tax at the local administrative level. The taxes may be “Direct or Indirect” depending upon the nature of the burden. Almost every nation has its tax scheme as some compute tax on the present of the t amount earned by individuals in the entire year while some have their own slab of tax calculation.  

 

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Answer Details

Grade: High School

Subject: History

Chapter: Tax

Keywords:

tax, monetary charge, taxpayer, governmental, organizations, resident’s, expenditure, direct, indirect, tax system, tax calculation, United Nation, Federal tax, asset,