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Various state and local taxing authorities in the US require an employer or the employee to withhold and remit a tax on the wages paid to an employee. Some states require both the employer and employee to remit a portion of the total occupational privilege tax (OPT), while others only require one or the other to do so. [1]
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.
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.
Sen. Andrew Jones proposed a statewide bill to gradually repeal occupational license fees. Mayors in the Etowah County cities with such tax oppose it.
The federal government taxes unemployment compensation as if the payments were wages. That, on its own, can be a gut punch for someone who is out of work. But there's also a double whammy for most ...
(Reuters) -Aurora Innovation's shares rose 35% on Tuesday after the self-driving technology developer announced a long-term deal with Nvidia and Germany's Continental to deploy driverless trucks.
Taxes fall much more heavily on labor income than on capital income. Divergent taxes and subsidies for different forms of income and spending can also constitute a form of indirect taxation of some activities over others. Taxes are imposed on net income of individuals and corporations by the federal, most state, and some local governments ...
Jul. 19—SUNBURY — The recent mail notifications sent to Shikellamy School District college and high school students left parents shocked to learn they would be paying an occupational tax.