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Local Income Tax Questions
What is local income tax?
is figured by a percentage of your
. Local income tax is only applied to where you live. In many states the income tax rate maybe flat. Some states have an increasingly higher rate for
. In some places major corporations do not have to pay local income taxes but individuals do. The way of figuring, gathering and spending local income tax differs by the jurisdiction. Certain states may have
that apply, for example investment income or retirement income. Your local
may be different. All this can lead to questions like the ones answered by Experts below.
In the state Louisiana how would I figure my local income taxes?
Louisiana is one of a few states that do not have a local income tax, but Louisiana does have
state income tax
the scale of which is 2, 4 or 6%.. The rate of your income tax depends on the amount of your income. So if your income falls underneath below the 2% bracket, your income tax will be at 2%.
In the state of Ohio will an individual’s income tax differ depending on where one works or lives?
is due first. City tax is based upon the income that is actually earned. An individual can also have taxes due for their resident city only if the tax rate is higher than the rate in the city you work.
If someone is missing their local wages and local income tax does this individual need a new W-2 Form?
Case details: Individual works in California for a Virginia based company and is paid from Virginia.
In many cases your W-2 does not include any local tax information the reason for this is most areas do not have local income taxes. The reason for not having that information could be a problem if you needed to pay local or state tax return. The federal government will not be worried if on the W-2 form there are no state and local boxes. Unless you are trying to file your local income tax return, your W-2 will be okay without your local tax information.
In the state of Pennsylvania is an individual required to pay taxes based on where he/she lives or where he/she works?
In the state of Pennsylvania an individual will be required to pay their taxes based on where they work instead of where they live. This is done in order to pay back respect to the city taxes.
If an individual lives in Toledo, Ohio but works in Michigan is he/she liable to pay local taxes in the state of residence?
There is no local income tax in the city of Toledo. However the tax is relevant to salary wages, and compensation for individual services received by Toledo residents. This also is relevant to non-residents of Toledo if work is done in the city of Toledo. If you are a resident in the city of Toledo you will have to pay income tax despite of where you work. In many cities in the state of Ohio they require an earning tax just as Toledo, which means you will pay tax as a resident no matter if you work in the town you live in or outside of the town.
Do you have questions about local income taxes, local income tax calculator or local income tax
and don’t know where to find these answers? You can ask the many Experts available round the clock these questions and many more.
Recent Local Income Tax Questions
I'm the sole owner and sole employee of an S Corp. I originally
I'm the sole owner and sole employee of an S Corp. I originally failed to include reimbursement for health insurance in W-2 box 1, so I had to correct that by filing a W-2c. I don't withhold federal income tax on my W-2, and I understand such S Corp 2%-owner health insurance reimbursement isn't taxable for Medicare/Soc Sec/state/local income tax purposes, so the only number I need to change is W-2 box 1.
Now I'm trying to fill out a 941-X to report the change, since I already filed my 941 for the quarter and it had the incorrect figure on line 2. But neither of the options in 941-X part 2 seems to apply. I'm not adjusting overreported amounts, I'm not claiming a refund or abatement, and my taxes weren't overreported. The only wrong figure on the 941 I filed was line 2.
Do I need to file a 941-X in this case? If so, which of the boxes in part 2 do I check for this? On 941-X part 3, I think I just need to fill in lines 6, 18, 20 (the last two both zeros).
I paid 25,000 in earnest money in October 2014 new home purchase. My house is curre
I paid 25,000 in earnest money in October 2014 for a new home purchase. My house is currently under construction. My closing for my home loan will be March 30,2015. Can I declare $25,000 as tax deductible for 2014 ITR? If yes, how? I'm using turbo tax, and the selection are mortgage interest and refi, property tax and mort insurance but no earnest money option.
If I cannot for 2014, how can I declare as deductible for 2015 ITR? I expect a additional closing cost of $6000. Will I get a tax deduct for the $6000, too. My cash our will be $31,000, should i be given a tax deduct?
Can I deduct the Florida "bedroom tax" on the condo I rent
Can I deduct the Florida "bedroom tax" on the condo I rent on my Federal taxes? I pay it separate from my rent payment
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