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The use tax, like the sales tax, is assessed upon the end consumer of the tangible property or service, but the difference is who calculates the tax and how it is accounted for. The sales tax is collected by the seller, who is acting as an agent of the state and thus remits the tax to the state on behalf of the end consumer.
Michigan has a 6% sales tax. Michigan has a use tax of 6%, which is applied to items bought outside Michigan and brought in, to the extent that sales taxes were not paid in the state of purchase. Residents are supposed to declare and pay this tax when filing the annual income tax. [130]
Many cities, counties, transit authorities and special purpose districts impose an additional local sales or use tax. Sales and use tax is calculated as the purchase price times the appropriate tax rate. Tax rates vary widely by jurisdiction from less than 1% to over 10%. Sales tax is collected by the seller at the time of sale. Use tax is self ...
Here are the standard tax brackets for the states with progressive income tax rates: ... Michigan. 4.25%. 4.25%. New Hampshire. ... State Income Tax Rates Explained. Show comments.
The filing deadline for most 2023 federal and state of Michigan income tax returns is April 15, 2024.
The state treasury said it processed almost 464,000 returns that claimed the Michigan Earned Income Tax Credit for Working Families for tax year 2023 so far through the end of March. The average ...
A "mirror" tax is a tax in a U.S. dependency in which the dependency adopts wholesale the U.S. federal income tax code, revising it by substituting the dependency's name for "United States" everywhere, and vice versa. The effect is that residents pay the equivalent of the federal income tax to the dependency, rather than to the U.S. government.
In the United States, the jock tax is the colloquially named income tax levied against visitors to a city or state who earn money in that jurisdiction. Since a state cannot afford to track the many individuals who do business on an itinerant basis, the ones targeted are usually high profile and very wealthy, namely professional athletes.