Buoyed by pent-up consumer demand and federal stimulus payments, Iowa tax revenues in June increased 15% compared with the previous June, and …
A summer job is a great way for students to earn some extra money while building a resume for the future and learning new things about the working world. Typically, one of the hardest lessons for students to deal with is income tax. Working students may say, "Why is so much of my paycheck withheld? And who is this FICA dude?"
Welcome, students, to income taxes and how they affect the working world that you have joined. There are two main taxes on your earnings:
- Federal Income Taxes – These provide income for operations and services of the federal government.
- Payroll Taxes – These are taxes that fund Social Security and Medicare under the Federal Insurance Contribution Act (the "FICA dude" referenced above). The taxes you pay in go toward covering the eventual services you require. You pay half of this tax obligation (the withheld amount) and your employer kicks in the other...
Reynolds made the comments Wednesday moments after signing into law a package of state tax reductions and reforms, including a reduction in the state income tax rate from 8.5% to 6.5%.
A state House bill that would gradually eliminate the state’s corporate income tax advanced Tuesday to the Senate floor. The proposed legislation began its life as a bill focused on the federal Paycheck Protection Program.
Q: I have a question about a letter I received from my county assessor’s office. I live in Maricopa County, Arizona. The form asks how many people live in our home and what we’re doing with the home. The form also states that if we don’t respond, they will fine us.
Municipal leaders in Illinois are pushing back on a proposal by Gov. J.B. Pritzker that would further reduce state funds given to local governments each year.
Timing is everything. It is especially bad timing to cut Iowans from food assistance and other basic support during a deadly pandemic that has…
New Democratic House Speaker Emanuel “Chris” Welch suggested Wednesday that the state should again ask voters to approve a graduated-rate income tax, but this time target the new money toward paying down Illinois’ massive pension debt.
Gov. J.B. Pritzker needs to be more open with the General Assembly about how he will balance the state's deficit-plagued budget, House Republican leaders said Monday.
Illinois has a nearly $4.9 billion backlog of unpaid bills and $141 billion in unfunded pension liabilities, plus another $4.3 billion in short-term debt. That includes $3.2 billion Illinois borrowed from a special Federal Reserve program to help shore up its past two budgets during the pandemic, money that must be paid back within three years.
Gov. JB Pritzker has no plans to increase state income tax or other taxes to close an anticipated multibillion-dollar budget shortfall in the next fiscal year, the governor's spokeswoman said Tuesday.
Gov. J.B. Pritzker is preparing to present a budget plan would not call for an increase in the flat-rate income tax. He will instead propose closing corporate tax loopholes and redirecting some revenue streams, such as the cigarette tax.
DES MOINES — Gov. Kim Reynolds on Tuesday proposed an $8.1 billion state spending plan for fiscal 2022, a 3.7% increase that would fund priori…
While most states rely heavily on three sources of taxes, many of the lowest-tax states for residents generate tax revenue in ways that do not financially burden those residents in a direct way.
Depending on local tax rates and home values, property taxes can account for a substantial portion of housing costs. Living in a high-tax state has become increasingly more expensive.
SPRINGFIELD, Ill. (AP) — With a little more than half of precincts reporting, Illinois appears to be rejecting a graduated income tax.
TRUMP on his taxes: "They keep talking about $750, which I think is a filing fee. ... Tens of millions of dollars (in income taxes) I prepaid.…
Trump paid $750 in taxes in 2016 and again in 2017, but paid no tax most years, according to a report Sunday in The New York Times. A lawyer for Trump called the report inaccurate.
Group once tied to ex-Gov. Rauner asks judge to require amended voter pamphlet.
CEDAR RAPIDS — Sen. Joni Ernst wants to reward front-line workers who remain on the job during the coronavirus pandemic by suspending federal income taxes as well as federal payroll taxes for essential workers earning up to $50,000 a year.
CEDAR RAPIDS — Sen. Joni Ernst wants to reward front-line workers who remain on the job during the coronavirus pandemic by suspending federal …