State Income Tax Information for 2009, 2010
State Income Tax Information for 2009, 2010Taxes, taxes, taxes. No matter what anyone says about taxes from their origins to their future, we still have to pay them.
There are, however, seven states that have chosen to not impose an income tax: Alaska, Florida, South Dakota, Texas, Washington, Wyoming, and Nevada. These states often levy a higher sales tax in order to generate more revenue. The highest sales tax goes to Hawaii at an astounding rate of 11%.
Some states have a tax rate that remains flat no matter what; these would be: Colorado, Illinois, Indiana, Massachusetts, Michigan, Pennsylvania, and Utah.
Some states, like New York, allow certain cities to raise additional taxes above the already-imposed federal taxes.
Basically, state income taxes are an extra tax that’s on top of the federal income taxes. It’s also separate from payroll taxes that contribute to Social Security and Medicare. In addition to these well known state taxes, there are also: state corporate income taxes, state motor fuel excise taxes, state cigarette excise taxes, state taxes on other tobacco products, state distilled spirits taxes, state beer and wine taxes, and real estate transfer taxes.
You may be wondering if you can get a peek at the varying tax rates levied by different states. Easily done. Just skip over to a tax service like TurboTax Online. They offer a comprehensive library of tax info which will answer both your general and most complicated questions regarding taxes of any nature.