Ads
related to: what is illinois state income tax withholding tables
Search results
Results From The WOW.Com Content Network
% 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. This table includes the per capita tax collected at the state level. This ...
Withheld income taxes are treated by employees as a payment on account of tax due for the year, [7] which is determined on the annual income tax return filed after the end of the year (federal Form 1040 series, and appropriate state forms). Withholdings in excess of tax so determined are refunded.
Forty-three states impose a tax on the income of individuals, sometimes referred to as personal income tax. State income tax rates vary widely from state to state. States imposing an income tax on individuals tax all taxable income (as defined in the state) of residents. Such residents are allowed a credit for taxes paid to other states.
Illinois, however, which imposes a 4.95% fixed tax, has a flat tax because when the tax was first implemented, it was unclear whether a progressive income tax was constitutional under the state ...
Under that table for 2016, the income tax in the above example would be $3,980.00. [35] In addition to income tax, a wage earner would also have to pay Federal Insurance Contributions Act tax (FICA) (and an equal amount of FICA tax must be paid by the employer): $40,000 (adjusted gross income) $40,000 × 6.2% [36] = $2,480 (Social Security portion)
In Illinois, filing an error-free state tax return and requesting that the refund amount be deposited directly into a checking or savings account is the surest way of receiving the amount quickly ...
Ad
related to: what is illinois state income tax withholding tablesbusinesstaxrelief.com has been visited by 10K+ users in the past month