A use tax is a sales tax on purchases made outside of one's state of residence for taxable items that will be used, stored, or consumed in one's state of residence. A conventional sales tax is levied at the point of sales and collected by the retailer, who then passes it on to the government. ![]() Sales TaxĪ sales tax is a consumption tax imposed by the government on the sales of certain goods and services. Of the states that do not use income brackets, Idaho has the highest tax rate at 5.80%. Maine has the highest starting tax rate for the lowest income bracket at 5.8%, but it only goes up to 7.15%. Hawaii also has a high individual income tax rate, ranging from 1.4% to 11%, and spread across 12 different income brackets. Rates range from 1% to 13.30%, based on income. ![]() Of all the states, California has the highest individual income tax rates. Thirty-two states use graduated-rate income brackets, wherein rates are set based on the amount of taxable income and other factors, including marital status at the time of filing. This means that everyone pays one rate, regardless of the amount of taxable income. New Hampshire has a 4% income tax rate however, it is levied on dividends and interest only. ![]() Eight states do not have an income tax: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming. Income from wages and salaries are taxed in 41 states, while just two tax income from interest and tax dividends.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |