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The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, [1] and by municipal governments in West Virginia and Kentucky. [2] It is a type of gross receipts tax because it is levied on gross income, rather than net income.
Such tax is generally based on business income of the corporation apportioned to the state plus nonbusiness income only of resident corporations. Most state corporate income taxes are imposed at a flat rate and have a minimum amount of tax. Business taxable income in most states is defined, at least in part, by reference to federal taxable income.
Various state and local taxing authorities in the US require an employer or the employee to withhold and remit a tax on the wages paid to an employee. Some states require both the employer and employee to remit a portion of the total occupational privilege tax (OPT), while others only require one or the other to do so. [1]
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The official start date for electronic filing of tax year 2023 Kentucky returns began Jan. 23, according to the state's tax office. The Internal Revenue Service will begin accepting and processing ...
The Kentucky state budget has met the requirements for another cut to the personal income tax. If approved by the General Assembly next year, the state personal income tax rate would drop from 4% ...
Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly.
[11] The occupational tax, 0.002 percent, covers about two-thirds of TARC's annual operating expenses; the total varies with the availability of federal grants and fares collected. [12] TARC had 710 employees in 2002, 460 of whom were bus drivers. [13] Some funding is from a TARC transportation trust fund.