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State income tax is imposed at a fixed or graduated rate on taxable income of individuals, corporations, and certain estates and trusts. These tax rates vary by state and by entity type. Taxable income conforms closely to federal taxable income in most states with limited modifications. [2]
Taxation in the United States. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly. This table includes the per capita tax collected at the ...
Connecticut ( / kəˈnɛtɪkət / ⓘ kə-NET-ik-ət) [10] is the southernmost state in the New England region of the Northeastern United States. It borders Rhode Island to the east, Massachusetts to the north, New York to the west, and Long Island Sound to the south. Its capital is Hartford, and its most populous city is Bridgeport.
Overall, five individuals and 11 businesses owe at least $1 million each in various categories, including the state income tax, sales, corporation, and pass-through entity taxes. Forty-four of the ...
Connecticut’s state income tax rate ranges from 2 percent to 6.99 percent. In general, Social Security benefits that are taxable at the federal level are also subject to Connecticut income tax.
The federal income tax collected by the IRS applies to all Americans regardless of where you live, but the rules for state income tax rates and how those taxes are paid can be vastly different.
The total gross state product for Connecticut for 2012 was $229.3 billion, up from $225.4 billion in 2011. [1] Connecticut's per capita personal income in 2013 was estimated at $60,847, the highest of any state. [2] There is, however, a great disparity in incomes throughout the state; after New York, Connecticut had the second largest gap ...
First income tax law. In order to help pay for its war effort in the American Civil War, the United States government imposed its first personal income tax, on August 5, 1861, as part of the Revenue Act of 1861. Tax rates were 3% on income exceeding $600 and less than $10,000, and 5% on income exceeding $10,000. [8]
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