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The California tax rate can be a bit more complex to figure out, but it would probably come in at a rate of 9.3% for $100,000 income (around $9,300). So, her $8,000 state tax bill adds up.
“Forgiveness of student loan debt is generally taxable unless it meets one of the exclusions in California Revenue and Taxation Code sections, which includes an exclusion for income-based ...
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The California Department of Tax and Fee Administration (CDTFA) is the public agency charged with assessing and collecting sales and use taxes, as well as a variety of excise fees and taxes, for the U.S. state of California. The department has several other ancillary functions, such as ensuring that sellers comply with permit requirements.
The law allows students who attended high school in California, among other eligibility requirements, to pay in-state tuition fees instead of out-of-state tuition at California's public institutions of higher education, including the University of California, California State University, and California Community Colleges. [1]
A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still ...
California Gov. Gavin Newsom recently announced a proposal via press release, on Nov. 5, that would ensure Californians receiving federal student loan forgiveness would not have to pay state taxes ...
If the student is a nonresident for tax purposes, the scholarships are reported using Form 1042-S and tax is withheld at 14% if the student has a SSN or Individual Taxpayer Identification Number, and at 30% otherwise. The student must report the tax on Line 12 of the Form 1040NR and use it in calculating his or her tax liability.