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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.
The employer must pay payroll taxes on the stipend, and the employee must pay income taxes on the health insurance stipend. If you want healthcare spending to be tax-free, consider setting up a ...
In the United States, scholarship tax credits, also called tax credit scholarships, education tax credits or tuition tax credits, are a form of school choice that allows individuals or corporations to receive a tax credit from state taxes against donations made to non-profit organizations that grant private school scholarships. At the start of ...
If you file a federal tax return as an individual, you could pay income tax on up to 50% of your Social Security benefits (assuming a combined income of $25,000 to $34,000).
An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
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When honorarium is paid to an employee, such as mayors, chairpersons, and local clubs and societies, it is not subject to withholding tax but is subject to income tax. [17] However, if the payment was not made to the above-mentioned category of people, it is subject to withholding tax rate between 33c to 48c. [18]
Qualified adoption expenses, commonly referred to as QAEs in the tax world, are necessary costs that you pay to adopt a child younger than 18 years of age or any disabled person who requires care.