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There are a number of taxes applicable to the state of Maine, which includes sales tax and four income brackets for personal income taxation. Tax returns are due on April 15.Maine state sales tax – 5% (food and drugs exempt), $1.50 per 100 pounds of blueberriesThere are addition sales taxes of 7% of lodging and 10% on car rentals, exemptions available for schools, chari..
What is a Tax Calculator?• A tax calculator is a vital, yet simple resource, used to calculate and evaluate an expected tax refund. A tax calculator requires the user to enter a few components, which are aligned with the individual’s tax return. The information offered by the tax calculator enables an individual to accurately plan and observe their expected tax..
What is the Making Work Pay Tax Credit?In 2009 and 2010, the American Recovery and Reinvestment Act of 2009 instituted the Making Work Pay provision which formally provided a refundable tax credit of up to $4000 for working citizens and up to $800 for married taxpayers who file joint returns. Because the Making Work Pay Tax Credit was included into the withholding tables in 200..
There are a number of taxes applicable to the state of Maryland, which includes sales tax, five income brackets for personal income taxation as well as local taxes. Tax returns are due on April 15.Maryland state sales tax – 6%, no local sales tax (food, prescription drugs, clothing up to $175, and utilities such as gas, oil and electricity are exempt)Maryland state pers..
There are only two tax rates in Massachusetts as well as some unique Massachusetts state tax laws. Even if you only have partial or nominal income in Massachusetts, it is important to understand Massachusetts state tax law, to avoid potential penalties.Massachusetts state sales tax – 6.25%, (food, clothing up to $175, prescriptions and periodicals are exempt)Massachuset..
Michigan is a flat taxation state and some cities will impose additional taxes. Income taxes are to be reduced every year by .1% until 2015, when the tax rate will become 3.9%. This is down from a flat tax rate of 4.35%. Tax returns are due on April 15.Michigan state sales tax – 6%, (food, prescription drugs exempt, home heating fuel taxed at 4%)Michigan sta..
Income taxes in Minnesota are combined between state and local taxation so personal income tax rate can be as high as 10% Like other states, there are excise taxes of liquor, beer and cigarettes, as well as vehicle taxes. There are also property taxes that must be given consideration. Tax returns are due on April 15.Minnesota state sales tax – 6.875%, (food,..
Income taxes in Mississippi are combined between state and local taxation so personal income tax rate can be as high as 10% Like other states, there are excise taxes of liquor, beer and cigarettes, as well as vehicle taxes. There are also property taxes that must be given consideration. Tax returns are due on April 15.Mississippi state sales tax – 7%, (healt..
Income taxes in Missouri, when accounting for state and local taxes, total 9%, which is slightly below the national average of 9.8%. Like other states, there are excise taxes of liquor, beer and cigarettes, as well as vehicle taxes. There are also property taxes that must be given consideration. Tax returns are due on April 15.Missouri state sales tax – 4.22..
The local and state tax burden in Montana, when accounting for state and local taxes, totals 8.7%, which is significantly below the national average of 9.8%. Like other states, there are excise taxes of liquor, beer and cigarettes, as well as vehicle taxes. There are also property taxes that must be given consideration. Tax returns are due on April 15.Montana ..
Income taxes in Nebraska, when accounting for state and local taxes, total 9.8%, which is on par with the national average. Nebraskans pay roughly $3,960 per capita in state and local taxes. There are also property taxes that must be given consideration. Tax returns are due on April 15.Nebraska state sales/use tax – 5.5%, prescription drugs and food exempt, ..
Nevada has one of the lowest tax burdens in the United States, owing to a lack of personal income tax. The state relies on higher sales and excise taxes for income. There are also property taxes that must be given consideration. Nevada personal income tax – NoneNevada state sales tax – 6.85%, with considerations for optional local sales tax rates, up ..
New Hampshire has one of the lowest tax burdens in the United States, owing to a lack of sales tax and conventional personal income tax. The state relies on property taxes and taxes on dividends for revenue. Tax returns are due on April 15.New Hampshire state sales/use tax - There is no sales tax in New Hampshire. New Hampshire personal income taxNew Hampshire..
What is the PACT Act of 2010?The PACT Act stands for Prevent All Cigarette Tracking and aims to crack down on mail order cigarettes, interstate cigarette trafficking and other tax evading measures. The Act became law on March 31, 2010. The primary motivation for the crackdown on cigarette tax dodging is new provisions in the 2009 Children's Health Insurance Program ..
Tax planning is a procedure taken by the majority of taxpayers to help arrange your financial affairs to ultimately minimize your tax payments. There are three basic procedures to reduce your taxes. Although the procedures are somewhat simple there are multiple variations of each process. Tax planning can be accomplished through reducing your income, taking advantage of tax cre..