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The LLC is required to report all prizes greater than $600 to the IRS and the Louisiana Department of Revenue. For winners with a U.S.-issued Social Security number, prizes of $5,000 or more are subject to Louisiana income tax withholding, and also have federal tax withheld. Unpaid child support owed by the winner may also be withheld ...
For businesses, the corporate income tax rate will drop from 7.5% to a flat 5.5%, and the state franchise tax will be eliminated entirely. Originally, Landry's plan proposed a rate of 3.5%.
Maryland (all local taxes reported on state income tax form): All counties, and the independent city of Baltimore; Michigan: Many cities, including Detroit, Lansing, and Flint (most income above a certain annual threshold; reported on form issued by imposing city or on separate state form 5118/5119/5120 in the case of Detroit)
Under that table for 2016, the income tax in the above example would be $3,980.00. [36] In addition to income tax, a wage earner would also have to pay Federal Insurance Contributions Act tax (FICA) (and an equal amount of FICA tax must be paid by the employer): $40,000 (adjusted gross income) $40,000 × 6.2% [37] = $2,480 (Social Security portion)
BATON ROUGE, La. (AP) — Louisiana’s GOP-dominated legislature passed tax cuts on personal and corporate income on Friday in exchange for a statewide sales tax increase, giving Gov. Jeff Landry ...
Louisiana taxpayers will have to wait at least another year before lawmakers consider eliminating the state's $4.5 billion income tax again. Republican Columbia state Rep. Neil Riser's House Bill ...
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 ...
Withheld income taxes are treated by employees as a payment on account of tax due for the year, [7] which is determined on the annual income tax return filed after the end of the year (federal Form 1040 series, and appropriate state forms). Withholdings in excess of tax so determined are refunded.
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related to: form 8958 required for louisiana income tax tableturbotax.intuit.com has been visited by 100K+ users in the past month
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