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Louisiana's corporate income tax rate had been the highest in the South according to the Tax Foundation, a conservative think tank. Lawmakers repealed the 0.275% corporate franchise tax, a levy on ...
Income tax regulations require the LLC to withhold 25 percent federal taxes, and 5 percent Louisiana taxes, from prizes of more than $5,000. A gambling income statement, W2-G, is mailed to the claimant by January in the year following the payment of the prize.
A tax return usually includes the following components. Income consists of the sources of a citizen's revenue, excluding items which are exempt from tax by law.Wages, salaries, income from retirement plans, dividends, interest and capital gains or losses should be considered as a source of revenue.
The tax information return most familiar to the greatest number of people is the Form W-2, which reports wages and other forms of compensation paid to employees.There are also many forms used to report non-wage income, and to report transactions that may entitle a taxpayer to take a credit on an individual tax return.
Republican Gov. Jeff Landry's goal to repeal or reduce the Louisiana income tax and simplify the state's convoluted tax code will have to wait until at least next year after Legislative leaders ...
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