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Kentucky: Most counties, including Kenton County, Kentucky, and municipalities, including Louisville and Lexington (earned income and certain rental income that qualifies as a business; reported as Occupational License fee/tax by employer or as Net Profits tax by business, filed with county or municipality imposing tax)
This data is collected by the United States Census Bureau for state governments during fiscal year 2015. These statistics include tax collections for state governments only; they do not include tax collections from local governments.
The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, [1] and by municipal governments in West Virginia and Kentucky. [2] It is a type of gross receipts tax because it is levied on gross income, rather than net income.
Tax season can be one of the most stressful times of year for some individuals and families. But for many it comes with a nice bonus at the end: that great tax refund.. While that refund may sound ...
A bill to put Kentucky on a path to no income tax at all, like neighboring Tennessee, was passed earlier this year. KY’s personal income tax rate is going down. Here’s how much and why.
Among the options provided, the most popular was eliminating the payroll tax cap for those who earn more than $400,000 a year. Current Social Security payroll taxes only apply to earnings up to ...
Most states have also seen decline in procurement defense spending, but eight states have seen it increase, and in Kentucky's case it has doubled (Leonard and Walder, Page 36-39, 44-47). Social Security has increased in expenditure primarily in the Southern states.
Gross income includes "all income from whatever source", and is not limited to cash received. It specifically includes wages, salary, bonuses, interest, dividends, rents, royalties, income from operating a business, alimony, pensions and annuities, share of income from partnerships and S corporations, and income tax refunds. [3]