Texas State Income Taxes

Posted March 1st, 2012 by Tax Man and filed in state tax

Texas State Income Taxes

Texas has the second highest population in the 50United States. The name comes from the Caddo word meaning friends or allies. Texas is located in the south central united states sharing an international border with the Mexican states of Chihuahua, coagula, Nuevo Leon and Tamaulipas to the south and borders the us states of new Mexico to the west, Oklahoma to the north, Arkansas to the north east and Louisiana to the east. It has an area of 268,820 sq miles and a population of 25.7 which is growing rapidly. Houston is the largest city in Texas, El paso and Austin are the other cities of Texas.

Texas have 60 different types of taxes includes the local sales taxes. The tax system is very regressive and it creates a burden for the poor people because it relies heavily on sales taxes. In reality the low income group of people spends too much of their income in buying goods than high income group people therefore the taxes which are being paid as sales tax includes a huge portion as their income.
Texas tax system does not include personal state income taxes from the residents. Texas have as 6.25 % sales state tax, the local sales and taxes imposed by cites, countries and transit adds up to 2 %of  the total sales tax.Texas does not have to pay state property tax and the tax rate can vary from location to location. A residential homestead exemption is allowed for those who purchase property on 1st Jan .a greater tax exemption is given to those who are 65 years old or above. Personal property including automobiles, airplanes, and boat does not give any income in exempt from taxation.
Texas does not levied tax on inheritance of property due to the discontinuation of the federal estate tax credit.Texas estate tax is not charged on estates of person who died in 2005 or later. Texas taxes are levied on all active businesses receiving state law liability protection apart from the existing taxes the retail fire workers collects a 2 % fireworks tax. This tax collection is used to supply money to the program assisting rural fire developments. So all this underlines the core principle thatTexas has a huge chunk in the total contribution with regards to the total tax system in theUnited States and very stringent systems and procedures are in place which substantiates the fact.
When we embark on filing of income tax two things should be kept in mind and that is as individuals all should be clear from our end. All the necessary information should be collected and accumulated from our end mainly the income as well as the dividend statements which we need to collect from the employees also. From a personal point of view by paying taxes we contribute to the revenue of the country and as responsible citizens it is our duty and responsibility to pay this and then only we prove the true worth to the country as a whole.

 

Wyoming State Personal Income Tax

Posted February 27th, 2012 by Tax Man and filed in state tax

Wyoming State Personal Income Tax

Wyoming is one of the most extensive states in the United States of America located in the mountainous terrain of the western part of the nation. The population of the state is approximately 5 lakhs and seventy thousands which make it the least populous state in the United States and it also has a very low population density. The territorial structure of Wyoming is mostly mountainous coming under the range of Eastern Rocky Mountains and a large part of the state is made up of highly elevated prairie grasslands known as the High Plains. Cheyenne is the capital of Wyoming and the most highly populated city of this state. It is also the administrative and commercial capital city of the state.

The climate of Wyoming is normally continental and partly dry with great temperature variations and extremes. The average weather conditions of this state make it the windier and parched state in the United States of America. As already mentioned Wyoming has a very low population because of its climate and topography and the immigrant population roughly comprises about 2.2% of the entire population.

The state of Wyoming has a gross federal product of 27.4 billion dollars and the per capita income of the state is 32,808 dollars. The Mining Industry and the Travel & Tourism Sector are the principal industrial segments contributing towards the gross state product. The main mineral products are coal, coal bed methane, natural gas, crude oil, uranium and trona. Wyoming’s national parks and monuments attract millions of tourists from all over the world. Some of the potential tourist attractions are Yellowstone National Park, Grand Teton National Park and the world famous Devils Tower.

The federal tax structure of the state of Wyoming is unique and quite different from that of other states in the United States. The salient or cardinal features of the state are as follows:-

Wyoming does not charge a single dollar from its citizens in terms of individual or corporate income tax.

The citizens of the state neither have to submit assessment forms or submit any tax on retirement income and money earned from other states or counties.

The state levies a uniform state tax of 4% and the counties comprising the state have the choice of collecting an extra 1% surcharge for general and specific revenues. It is a choice or an option because such a proposal must have the consent or backing of the voters, that is the citizens of the state. The proposal is not mandatory.

Edibles and all other consumption items specific to human consumption is tax free.

Lodgings and boarding spread throughout the counties charge a county lodging tax of 2% to 5%.

The state levies an octroi of 5% on goods and items coming into Wyoming purchased elsewhere.

The property tax is calculated on the assessment value of the properties and immovable goods. The property tax is levied and collected by the Department of Revenue. The property tax for counties is a maximum of 12 mills of the assessed or calculated value, and the tax for cities and towns cannot be more than 8 mills.

The state also does not levy any tax on personal property.

Therefore, Wyoming is a safe haven not only for investors and capitalists but for its residents as well as far as tax payment is concerned.

Wisconsin State Personal Income Tax

Posted February 25th, 2012 by Tax Man and filed in state tax

Wisconsin State Personal Income Tax

Wisconsin is a well-known state in USA. Most of the people around the world are known about the name of this state. This place is famous for its resources. This place is the 20th populous state out of 50 states in USA. Only because of having many facilities and resources people prefer to stay in this stay. The people who stay in this state can really have a pleasant stay here. Madison is the capital of this state. Milwaukee is the largest city in Wisconsin. This state is actually the part of Great Lake and Midwest regions. Apart from these two cities there are many other big cities that are located in these cities. All the latest facilities are available in these cities.

 

The government in Wisconsin is very active. Government is always eager to develop this state. For business Wisconsin is really great. A large number of businessmen select this state as one of the best business destinations in USA. When you are going to start business here, you need to know the state programs, resources, agencies and other information. You can find out all these information from many websites. All kinds of facilities that businessmen look for in a place are available in this particular state. That is why this location has become flourished with plenty of companies. The economical condition of this state is really good. The gross state product of this state in the year of 2010 was $248.3 billion. The economical status of this state actually depends on health care, agriculture and manufacturing. Film industry and tourism are also the major economical sources of this state. There are plenty of tourist places that are present in this state. Millions of visitors around the entire world come to this place to visit the places of Wisconsin. The visitors can have a great time here. The government of this state highlight on developing tourism sector as it is a major economical source. Compare to farming Wisconsin depends more on manufacturing. In last few years the economical status of this state is really excellent.

 

The personal income tax of Wisconsin is between 4.6% – 7.75%. On the other hand the use and sales tax is 5.0%. The tax of the retailers depends on the business sales. The property tax that is accessed on the people of this state is residential property tax or property tax. No property taxes are imposed on vehicles in Wisconsin. But the people who have cars should pay registration fees to the government. For the local government of this state property tax is the major revenue source. The taxes given by the farmers are applicable on the income of them. On Intangible property no tax is accessed by the government of Wisconsin. Side by side, government also does no go for collecting inheritance taxes. No toll roads are applicable in this state. The money that is required for the maintenance and construction of highways are drawn from revenues of motor fuel tax and State General Fund. The maintenance and construction of the non-highway road are actually funded by the local governments.