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The change is the result of Kentucky Republicans’ support of House Bill 8, itself a vehicle for eventually doing away with the state’s 5% income tax, the Herald-Leader previously reported.
Under §207(a)(1), most employees (but with many exceptions) working over 40 hours a week must receive 50 per cent more overtime pay on their hourly wage. [116] Nobody may pay lower than the minimum wage, but under §218(a) states and municipal governments may enact higher wages. [117]
Neither Kentucky nor Indiana have tax-free holidays, which means parents and students have to go to nearby states to save a few bucks on their back-to-school shopping. Here are the tax free days ...
Note that although self-employed individuals pay 12.4%, this is mitigated two ways. First, half of the amount of the tax is reduced from salary before figuring the tax (you don't pay Social Security tax on the tax your employer pays for you.) Second, the "employer" half is an adjustment to income on the front page of Form 1040.
Overtime rate is a calculation of hours worked by a worker that exceed those hours defined for a standard workweek. This rate can have different meanings in different countries and jurisdictions, depending on how that jurisdiction's labor law defines overtime .
The Kentucky state budget has met the requirements for another cut to the personal income tax. If approved by the General Assembly next year, the state personal income tax rate would drop from 4% ...
Kentuckians saw their income taxes reduced from 5% to 4.5% as the new year began. The Kentucky House just voted 79-19 to lower it again on Thursday – this time to 4% starting next year.
Compensation of employees (CE) is a statistical term used in national accounts, balance of payments statistics and sometimes in corporate accounts as well. It refers basically to the total gross (pre-tax) wages paid by employers to employees for work done in an accounting period, such as a quarter or a year.