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When filing for the federal income tax return do you have to attach schedule a for the state income tax return?
No, when filing for the federal income tax return, you do not attach the Schedule A for the state income tax return.
What is FIT deduction?
It stands for Federal Income Tax. SIT stands for State Income Tax
What are the main sources of state revenue?
sales taxesindividual income taxescorporate income taxes
Is interest om Federal Home Loan Bank bonds subject to federal income tax?
Yes. Interest from Fed Home Loan Bonds ARE federally taxable and generally are not taxed by states (I live in FL which does not have a state income tax).
What is unfunded pension liability?
Unfunded pension liabilityWhen a company, town or state pays its pensions obligations to retirees out of current income rather than from a separate fund to which it has contributed over time.
If a debtor has a judgment against you are they able to take your federal income tax return?
All taxes federal , state or municipal comes first. All personal debt obligations comes after the taxes.
You do not have to pay states taxes on interest earned on?
The interest that you receive on treasury bills and bonds is tax exempt income for state and local taxes.In some states interest earned on specified state and municipal obligations is exempt from both state and federal income tax:
Can medical bills be taken out of Federal Income tax returns in the state of South Carolina?
Yes and the state doesn't matter on federal income tax returns. Federal is federal and state is state.
When filing for the state income taxes do you receive your federal income tax refund as well as your state income tax refund?
No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.
What are the major sources of nontax revenue available to the states?
Major sources of nontax revenue available to states include fees for services (such as licensing fees), fines and penalties, revenue from investments, sales of state assets, lottery proceeds, and federal grants. These sources help supplement state budgets and reduce reliance on taxes.
What is the difference between state income tax and federal income tax?
State goes to state budget & Federal goes to ferderal budget.
Similarities between state income tax and federal income tax?
The taxable amounts of the income from each income tax return will be taxed at the tax rates for the state and for the federal.
What is the largest nontax source of revenue for the state of Georgia?
The state lottery is the major nontax revenue in Georgia. The lottery contributes more than $700 million of revenue annually to Georgia.
Do you have to claim a state tax refund on your federal taxes as income?
Yes. State refund must be claimed as income on your federal return.
Is your income tax return qualify as income?
In the U.S., your federal income tax refund does not count as taxable income for the next year. If you receive a refund from your state, and you itemized your deductions on the federal return, then the state refund will count as income on your federal return. (If you didn't itemize, then your state refund won't count as income.)
When filing for the federal income tax return do you have to attach schedule a for the state income tax return?
No, when filing for the federal income tax return, you do not attach the Schedule A for the state income tax return.
Do you send a copy of your Calif state taxes with federal taxes?
No you do not send a copy of the state income tax return with the federal income tax return.
