Origin-based sales tax:Sales tax collected by the seller based on where the seller is located. Origin-based sales tax is imposed in 12 states: Arizona, California, Illinois, Mississippi, Missouri, New Mexico, Ohio, Pennsylvania, Tennessee, Texas, Utah, and Virginia. Destination-based sales tax...
Illinois courts typically apply statutory guidelines when determining the amount of maintenance if the combined gross income of the parties is less than $500,000.00 and the payor does not have a previous obligation to pay maintenance or support from a pr
However, some states maintain reciprocity agreements and don’t tax out-of-state income. Illinois and Iowa fall into this category. This means that if you have an employee who lives in Illinois but works in Iowa, you wouldn’t deduct state withholding for that employee. 4. Deduct the FICA...
However, calculations of household income may vary. For example, the U.S. Census Bureau doesn’t count earnings from individuals younger than 15 years old, while the Internal Revenue Service (IRS) disregards income from dependents whose earnings are below the tax filing threshold.12 Key Takeaway...
The reason is income taxes. Retirement plans are tax-deferred, but not tax-free. If you have to liquidate your 401(k) plan today, you’ll have to pay ordinary income tax on the amount withdrawn. And if you’re under 59 ½, you’ll also have to pay a10% early withdrawal penaltyin...