West Virginia State Personal Income

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

West Virginia State Personal Income

West Virginia is located in Appalachian and the Southeastern part of the United States. West Virginia is regarded as the 41st extensive most and 37th populated most out the 50 United States. The capital of it is Charleston which is also the largest city. After the American civil work West Virginia became a distinct state from Virginia. West Virginia being situated in the Appalachian mountain range covers up an area of 24,229.76 square miles. The United States Census Bureau had estimated the population of West Virginia as 1,855,364 as on 1st of July 2011.  The climatic condition of West Virginia is humid subtropical.

The erratic rate of income tax of West Virginia is made certain by WV state tax legislative authorities. The amount of income tax that is to be imposed on the residents of West Virginia depends upon the tax bracket within which they fall. The rate of tax is determined by the taxing authorities on the basis of the level of income. A person having a high level of income earned would have to bear more of the tax burden than the low income group. The personal income tax of West Virginia is dependent on the gross income in accord to the legal authorities.

The 5 income tax brackets for classifying the rates of income tax for West Virginia are:

  • If the income of a person ranges within $0 to $10,000 then the Rate of tax that is chargeable on every dollar of the earned income is 3%.
  • In case a person receives an income falling under $10,001 to $25,000 then the rate of tax that is chargeable on every dollar of the earned income is 4%.
  • If a person’s earning ranges from $25,001 to $40,000 then the rate of tax to be imposed on every dollar of the income received is 4.5%.
  • If the income earned ranges from $40,001 to $60,000 the income tax rate chargeable on every dollar of the earned income is 6%.
  • If the income of the residents falls under the slab of $60,001 or excess than it then the rate of tax charged on every dollar of the income earned is 6.5%.

West Virginia manages and collects the property taxes even though the property tax rates replicate charges from country government, state government, and country board for education as well as municipalities. The country may certainly charge a tax for occupying a hotel or a lodging which is situated under the purview of the city of the place where the tax is being imposed. Tax may be levied by the municipalities in the form of gross receipts taxes on the business unit that are situated within the premises of the city. the tax department is seen to seen to play a prominent part in the process of tax administration, for a period of less than one-half of 1% of the property tax that after getting collected is given to the state government. The property tax benefits the country on the educational grounds.


Virginia State Personal Income Tax

Posted February 23rd, 2012 by Tax Man and filed in state tax

Virginia State Personal Income Tax

Virginia is the often referred to as the “Old Dominion” or the “Mother of Presidents” state in the United States of America because the state of Virginia has given the nation eight presidents. The state is situated on the Southern region of the United States and it has a long coastline with the Atlantic Ocean. The state has a total area of 42,774.2 square miles which makes it the 35th largest state in the United States. The Chesapeake Bay and the Blue Ridge Mountains are the main geographical features which affects the climate and the habitats of the state’s plant and animal kingdom. Richmond is the capital of Virginia and also the most populated city. The population of the state is over 80 lakhs.

The climate of Virginia generally remains warm and humid during the summer months and gets quite cold during the winter months. The average temperature in January is -3 degrees centigrade and 30 degrees centigrade in July. Since the state has a long coastline, the Atlantic Ocean has a strong bearing on the eastern and southeastern coastal areas of the state. The state is also subject to thunder squalls and hurricanes as it is considerably affected by the Gulf Stream. The Chesapeake Bay bears the maximum havoc wrecked by the hurricanes.

The state has a very extensive and rich expanse of forests which make up more than 65% of the land mass. The trees are mainly deciduous by nature. The state is home to a wide variety of flora and fauna. Flora includes hemlocks, hickory, oaks, yellow pines, bald cypress and numerous other species of trees and plants. Fauna is comprises white-tailed deer, black bear, beaver, bobcat, coyote, raccoon, skunk, gray fox, fed fox and several species of animals.

The state is made up of 95 counties and has 39 self-governed cities. Richmond is the capital and the principal city, Virginia Beach is the city with the largest population, Norfolk and Chesapeake are other important cities. Suffolk is the largest city of Virginia in terms of area. English is the principal language of the state; other languages spoken include Spanish, Korean, Vietnamese and Filipino. The GDP of Virginia was approximately 424 billion dollars for the financial year 2010-2011. Virginia has the sixth highest per capita income based on state rankings with an income of 23, 975 dollars and a personal per- capita income of 33, 671 dollars.

The tax structure of the state of Virginia is very standardized and convenient so that the residents can file and submit their taxes without any hassles. The state’s personal or individual income tax system is primarily made up of four separate and distinct taxable slabs with the highest slab or bracket taxed at 5.75% having an income of 17,000 US dollars. The lowest slab is taxed at 3.0%.  The corporate income tax of the state has a flat and uniform rate of 6%. Virginia charges a general level of sales or utility tax of 5%. The localities and counties are mandated by law to collect an additional 1% local sales tax. Virginia property tax rates were almost 3 USD in the financial year 2006-2007.

Presently, citizens in the state pay 4392 USD per capita in terms of local and state taxes.

Washington State Income Tax

Posted February 22nd, 2012 by Tax Man and filed in state tax

Washington State Income Tax

Washington in the Pacific Northwest area of United States located in the territory of British Columbia in the coastline of Pacific Ocean. Washington has ranked to be 18th most largest, 13th populated most out of the 50 United States.  Near about 60 percent of the inhabitants of Washington resides in Seattle metropolitan region. Washington got its name after the first President of United States George Washington and is the single U.S. state which is named after the name of a president. The estimated population of Washington as recorded by the United States Census Bureau as on 1st July 2011 was 6,830,038.

The tax rate of Washington which is variable in nature is dogged by WA state tax legislative body. The rate of income tax that that would be charged by the income tax authorities is reliant on the tax bracket under the purview of which your income falls and accordingly you need to pay off the income tax which is mandatory. Washington State does not impose a personal income tax to its residents. Washington does not charge the corporate income tax or the franchise tax. Conversely Washington does take up the liability of imposing other state tax which comprises of the business and occupation tax or the gross receipts tax that charge diverse rate for the varied kinds of business.

  • Washington amasses income tax from the residents under three tax brackets:
  • An individual whose income ranges up to $10000 is liable to pay tax at 4%.
  • If an individual income falls within $10,001 to $40,000, the tax rate that would be charged would be 6% of the income earned.
  • In case an individual earns $40,001 or more the rate of tax that would be chargeable is 8.5%.

The sales tax of Washington is found to be 6.5% that is united with the localized rate. Taxes are applicable to both products and services. The food items are seen to be exempted from the sales tax whereas the cooked foods items, dietary supplements and the beverages are subject to be taxed. The combination of the local retail sales tax rate as well as state tax rates gets enhanced and is ultimately born by the customers that depend upon the changing rate of the sales tax normally between 8 or 9%. Excise tax is charged which is meant for some of the selective products like cigarettes, gasoline and the alcoholic drinks.  The property tax was considered to be the very first tax that was imposed in Washington state and the complete assortment accounts to be 30% of the local revenue of the entire state. It proves to be an indispensable source of revenue for fire prevention, libraries, parks, public schools and recreation purposes. The real and the personal property or belongingness of the residents of Washington is liable for being taxed until and unless it is exempted by the authorized legal body. Personal property is generally taxed but many of the personal assets that are possessed by the individuals are exempted from paying taxes.