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  2. State income tax - Wikipedia

    en.wikipedia.org/wiki/State_income_tax

    State Tax Burdens 2022 % of income. State tax rules vary widely. The tax rate may be fixed for all income levels and taxpayers of a certain type, or it may be graduated. Tax rates may differ for individuals and corporations. Most states conform to federal rules for determining: gross income, timing of recognition of income and deductions,

  3. How all 50 states tax retirement income: A ... - AOL

    www.aol.com/finance/states-that-tax-retirement...

    After a 2024 tax cut, Connecticut’s state income tax rate now ranges from 2% to 6.99%, depending on your income bracket. If your adjusted gross income is less than $75,000 as a single filer or ...

  4. Illinois Fair Tax - Wikipedia

    en.wikipedia.org/wiki/Illinois_Fair_Tax

    Illinois is one of 11 U.S. states with a flat income tax; seven states have no income tax; 32 other states use graduated income taxes, which tax higher incomes at a higher rate. [5] The last state to switch from a flat state income tax to a graduated state income tax was Connecticut in 1996.

  5. State and local tax deduction - Wikipedia

    en.wikipedia.org/wiki/State_and_local_tax_deduction

    The Tax Cuts and Jobs Act of 2017, signed into law by President Donald Trump, capped the total SALT deduction at $10,000 for the tax years 2018 through 2025. [24] The bill also increased the standard deduction, which significantly reduced the number of taxpayers who claim the SALT deduction. [25]

  6. End of Trump tax cuts would see 62% pay more—how ... - AOL

    www.aol.com/finance/end-trump-tax-cuts-see...

    From lower federal rates to the cap on state and local property tax deductions, ... End of Trump tax cuts would see 62% pay more—how Congress may respond ... and in 2024 is $13.61 million for ...

  7. GM’s profit nears a record a year after saying it couldn’t ...

    www.aol.com/gm-profit-nears-record-saying...

    General Motors reported much stronger than expected third-quarter earnings and gave an outlook that puts it on the path for record earnings in 2024 – just a year after a costly strike by members ...

  8. Tax withholding in the United States - Wikipedia

    en.wikipedia.org/wiki/Tax_withholding_in_the...

    This brings the total federal payroll tax withholding to 7.65%.) Employers are required to pay an additional equal amount of Medicare taxes, and a 6.2% rate of Social Security taxes. [13] Many states also impose additional taxes that are withheld from wages. Wages are defined somewhat differently for different withholding tax purposes.

  9. This higher standard deduction is due to expire with the Tax Cuts and Job Act. The standard deduction increased to $27,700 for married couples filing jointly, up from $25,900 in 2022. Single ...