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- Q7603703 subject Q8543621.
- Q7603703 subject Q8814422.
- Q7603703 abstract "Most individual U.S. states collect a state income tax in addition to federal income tax. The two are separate entities. Some local governments also impose an income tax, often based on state income tax calculations. Forty-three states and many localities in the United States may impose an income tax on individuals. Forty-seven states and many localities impose a tax on the income of corporations.State income tax is imposed at a fixed or graduated rate on taxable income of individuals, corporations, and certain estates and trusts. The rates vary by state. Taxable income conforms closely to federal taxable income in most states, with limited modifications. The states are prohibited from taxing income from federal bonds or other obligations. Most do not tax Social Security benefits or interest income from obligations of that state. Several states require different useful lives and methods be used by businesses in computing the deduction for depreciation. Many states allow a standard deduction or some form of itemized deductions. States allow a variety of tax credits in computing tax.Each state administers its own tax system. Many states also administer the tax return and collection process for localities within the state that impose income tax.State income tax is allowed as a deduction in computing federal income tax, subject to limitations for individuals.".
- Q7603703 thumbnail 19237_TaxFoundation_v2.gif?width=300.
- Q7603703 wikiPageExternalLink ind_inc.pdf.
- Q7603703 wikiPageExternalLink state-income-tax-rates-by-state.
- Q7603703 wikiPageExternalLink P111921.asp?GT1=7828.
- Q7603703 wikiPageExternalLink tax.
- Q7603703 wikiPageExternalLink table.
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- Q7603703 wikiPageWikiLink Q8814422.
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- Q7603703 comment "Most individual U.S. states collect a state income tax in addition to federal income tax. The two are separate entities. Some local governments also impose an income tax, often based on state income tax calculations. Forty-three states and many localities in the United States may impose an income tax on individuals.".
- Q7603703 label "State income tax".
- Q7603703 depiction 19237_TaxFoundation_v2.gif.