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In the case of Puerto Rico, the island had been under community property law since its settlement by Spain in 1493. [citation needed] The U.S. Supreme Court ruled that a similar statute allowing spouses to elect a community property system under Oklahoma law would not be recognized for federal income tax reporting purposes. [7]
That move paid off when she eventually negotiated a separate settlement for California; in 2012, the banks presented the state $18.4 billion in debt relief and $2 billion in other forms of ...
California has the highest marginal income and capital gains tax rate and is in the top ten highest corporate tax and sales tax rates nationally. In 2016, California had the 17th-highest per-capita (per-person) property tax revenue in the country at $1,559, up from 31st in 1996. [ 30 ]
Tax consequences — Another common objection to debt settlement is that debtors whose debts are partially canceled outside the bankruptcy system will need to report the canceled portion of the debt as taxable income. (IRS Publication Form 982) The Internal Revenue Service (IRS) considers any amount of forgiven debt as taxable income. Under the ...
That said, because the California Family Rights Act does recognize domestic partnerships, you can use that for leave protection, according to the California Department of Human Resources.
California now has 11% tax on gun and ammunition due to new law. Here’s what to know Assembly Bill 1013 requires California bars and nightclubs serving alcohol to offer test kits for date rape ...
At 7.25%, California has the highest minimum statewide sales tax rate in the United States, [8] which can total up to 10.75% with local sales taxes included. [9]Sales and use taxes in California (state and local) are collected by the California Department of Tax and Fee Administration, whereas income and franchise taxes are collected by the Franchise Tax Board.
California Senate Bill 1827, the State Income Tax Equity Act, established the requirement that couples registered as California domestic partners file their state income taxes as married couples. It was signed into law on September 29, 2006, by Governor Arnold Schwarzenegger. The bill took effect on January 1, 2007, and only applies to tax ...