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Indiana imposes a flat 3.05% tax on the personal income. [1] The base taxable amount is equal to the adjusted gross income determined on a payers federal tax return. The taxable amount can be lowered by applying several income tax deductions. The largest deductions in 2013 were a $3,000 deduction for rent paid and a deduction equal to the ...
[3] [4] In other words, the micro-captive's underwriting income – the difference between earned premiums and incurred losses – is exempt from federal income tax. [5] As of 2020, to qualify for 831(b) status, the insurance company's written premium income must not exceed $2.3 million in a given year, a threshold that is indexed for inflation.
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).
Contingency fees may be taxable: If your settlement is non-taxable, legal fees won't affect your taxable income. Accident and personal injury cases, like a slip-and-fall or worker's compensation ...
In the early 1970s, Pennsylvania and Ohio competed for businesses with Ohio wooing industries with a reduced corporate income tax but Pennsylvania warning that Ohio had higher municipal taxes that included taxes on inventories, machinery and equipment. [82] A few more events of the 1970s follows: [73]
For joint filers, up to 50% of Social Security income is taxable for incomes between $32,000 and $44,000, with those earning more paying tax on up to 85% of benefits.
The information above is an abridged version of the Indiana income tax provisions. Please check the Indiana instructions available at in.gov/dor. Both Federal and Indiana tax returns for 2023 are ...
The first federal income tax was adopted as part of the Revenue Act of 1861. [153] The tax lapsed after the American Civil War. Subsequently enacted income taxes were held to be unconstitutional by the Supreme Court in Pollock v. Farmers' Loan & Trust Co. because they did not apportion taxes on property by state population. [154]