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Most states have a minimum income or franchise tax. The above rates generally apply to entities treated as corporations other than S Corporations and financial institutions, which may be subject to different rates of tax. Tax rates are before credits and reductions for corporations operating in certain parts of the state.
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.
This is a table of the total federal tax revenue by state, federal district, and territory collected by the U.S. Internal Revenue Service. Gross Collections indicates the total federal tax revenue collected by the IRS from each U.S. state, the District of Columbia, and Puerto Rico.
State. Tax Rate Range. Income Range for Tax Brackets. Alabama. 3 Brackets: 2% to 5%. $500 to $6,001. Arkansas. 5 Brackets: 0% to 3.9%. $0 to $89,601. California
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
Where you live plays a major role in how much you'll pay in state income taxes. Some states, like Alaska and Florida, don't levy individual income tax at all. Others, like California and Hawaii ...
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California has nine different tax brackets, ranging from 1% to 12.3% tax rates. The tax rates and income brackets will vary depending on your filing status: Schedule X tax brackets are for single ...