What are the Income Tax rates contained by India for 2007-08?
Question:
Answers:
PERSONAL TAX RATES
For individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI):
For the Assessment Year 2007-08
Taxable income slab (Rs.)Rate (%)
Up to 1,10,000
Up to 1,45,000 (for women)
Up to 1,95,000 (for resident individual of 65 years or above)NIL
1,10,000 – 1,50,00010
1,50,001 – 2,50,00020
2,50,001 – 1,000,00030
1,000,001 upwards30*
*A surcharge of 10 per cent of the total tax liability is applicable where on earth the total income exceeds Rs 1,000,000.
Note : -
Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if here is any.
A marginal relief may be provided to ensure that the new IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount.
PERSONAL TAX RATES
For individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI):
For the Assessment Year 2007-08
Taxable income slab (Rs.) Rate (%
Up to 1,10,000 NIL
Up to 1,45,000 (for women)
Up to 1,95,000 (for resident individual of 65 years or above)
1,10,000 – 1,50,000 10
1,50,001 – 2,50,000 20
2,50,001 – 1,000,000 30
1,000,001 upwards 30*
*A surcharge of 10 per cent of the total export tax liability is applicable where the total income exceeds Rs 1,000,000.
http://finance.indiamart.com/taxation/in...
For individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI):
For the Assessment Year 2007-08
Taxable income slab (Rs.) Rate (%)
Up to 1,10,000
Up to 1,45,000 (for women)
Up to 1,95,000 (for resident individual of 65 years or above) NIL
1,10,000 – 1,50,000 10
1,50,001 – 2,50,000 20
2,50,001 – 1,000,000 30
1,000,001 upwards 30*
*A surcharge of 10 per cent of the total toll liability is applicable where the total income exceeds Rs 1,000,000.
and 3% surcharge on the due amount
Tax to be computed at normal rate on the principle of following table.
Basic Exemption Rs.1,10,000/-
From 1,10,000/- to 1,50,000 @ 10%
1,50,000/- to 2,50,000 @ 20%
2,50,000/- onward @ 30%
Surcharge to be levy @ 10% in luggage taxable income exceeds Rs.10,00,000/-. Education Cess to be added @ 3%.
However Basic Exemption for Woman Tax Payers shall be Rs.1,45,000/- and for Senior Citizen Rs.1,95,000/-
2. Education Cess @ 3% is applicable with effect from 1.4.2007.
Visit http://www.vakilno1.com/howto/itreturn/i... for details
What should I do in relation to my Tax Preparer?
Question:
I found out last Friday that the e-return my charge preparer filed on April 11 be rejected by the IRS on April 13. The IRS said they informed my tax preparer at the time of the rejection. My duty preparer never informed me of the rejection. I hoped to go away on time off in August beside my step-daughter, using the money from my tax discount. I am furious that now I cannot walk on vacation. My excise preparer promised to get put money on to me in a couple of days, but presently a week has passed. She made several mistakes. She file me as "Single" when I specifically requested in writing that she profile a "Married Filing Separately" since I explained my wife and I had separated. Second, she claimed a child toll credit on my return, even though she had only just completed my wife's return and claimed the child tax credit on hers! This cause the IRS to reject the return. What do I do now? BBB? Small Claims? Board of Regents? She's done our returns for 3 years. Can I emergency she loan me my refund? What should be my subsequent step?
Answers:
I would give the preparer a deadline to bring back your taxes done correctly and that if the deadline comes without your taxes human being done that you might look for another tax preparer and enjoy the bill sent to your former preparer.
If she signed your return as you "tax preparer" consequently she should fix the mistakes on her own time and on her own dime.. Is there a guarantee for her work... ? We have a similar, although not as mistake ridden return and the place of business paid our fines/penalties..It be a private tax preparer not close to an HR Block or commercial company. If she's reputable she should make it right.. I would show her the problems and DEMAND she fashion amends to your return and it wouldn't hurt to ask for a "loan" for your vacation. The worst that can come to pass is she can't do it. We stopped using a tax preparer, it be a waste of time/money. We use TURBOTAX for the later 3 yrs. and it's been nice to return with a return back within around 2 weeks.. If there's a problem with the taxes the program alerts you, if it's not agreed. It's very unforced to use.. Good luck
You have extremely little recourse. You have to fix the problem next to the IRS.
Sorry and I hope U get it fixed at a rate of knots.
Fire the Tax Preparer and buy TurboTax.
Hope this helped
When a person's toll situation changes, written action to his regular preparer may not be sufficient to produce an accurate return. You needed to sit down next to that preparer rather than giving instructions which could not be carried out.
If you profile as "Married Filing Separately" then your return have to be mailed surrounded by if you live in a community property state. You cannot request your preparer to electronically database such a return. This may be why your preparer attempted to file you as single.
Loans are not given on MFS returns when they own to be mailed surrounded by and it is not possible to predict when the return will be forthcoming.
If you instructed your preparer to claim a dependent child, the preparer cannot tell you how your spouse file. It is against the law. Since you claimed a child that have already been claimed, your return be rejected. This is not the preparer's fault.
The preparer is contained by a difficult situation preparing both your and your spouse's returns. She cannot call you up and enlighten you how your spouse filed, and that you enjoy to remove that child on the return because your spouse claimed the child.
What you need to do is get together with the preparer, enjoy her get your broadsheet MFS return together, then you sign the return and post it in. Your repayment is going to be at least $1,000 smaller amount than you had anticipated, and could be closer to $2,000 smaller quantity.
Since your preparer has a conflict of interest doing both your and your spouse's returns, it may be better for you to find another preparer for subsequent year.
First off, did you sign the return? If you did, later did you review it? Did the preparer go over it next to you?
You are ultimately responsible for what is on your tax return. If the preparer made mistakes on your return, you single recourse will be to have him payment any penalties and interest on the unpunctually filing of the return and discount your preparation fee.
Married file Separate returns CAN be filed electronically.
Usually, the preparer will know if the return be accepted inwardly a few days after filing. Did your preparer speak about you when to expect your refund? If you get direct deposit of your refund, you would enjoy received it within 8 - 15 days of embracing of the return.
Obviously, your return needs to be corrected. shifting of the filing status and removal of the Child Tax Credit will exhaust the amount of your refund.
Unfortunately, import tax preparers are not regulated by the IRS yet (Unless the preparer is an Attorney, CPA or Enrolled Agent) and singular a few states regulate tax preparers (California individual one)
I would contact the BBB. You could go to small claims court also.
You call for to file a return. Go to another tariff preparer. Some H & R Block offices are open out all year.
Fire your current export tax preparer and ask for a refund for fees compensated. If you're due a refund, in that won't be a penalty to repay for late file.
See the link below for the IRS's proposal for late filers.
Why hold on to receipts for income levy?
Question:
i always hear roughly people good there receipts contained by hopes of getting their taxes on the purchases back. is it true? will with the sole purpose medical receipts work or any purchase?
Answers:
What I think this is referring to is the supposition on Schedule A for taking either state taxes remunerated or sales taxes (helps people in the states that don't enjoy a state income tax, but do hold a sales tax). You can lift one or the other, and if you do take the sale tax speculation the irs lets you clutch an estimate based on some formula of your income and the sale tax within your state. However, if you have adjectives the receipts for things that you bought during the year that you have your entire sale tax salaried for the year, and can claim that amount on Schedule A. Just remember, it has to be any state income tax or sale tax, it can't be both.
Items that are deductable when you profile a long form return need reciepts to prove amounts deduct if audited
In case you draw from audited, you'll need proof of your trunk expenditures. Some people preserve all their receipts of late in bag.
You only requirement to save receipts for any expenses that you claimed on your income tariff. The reason you save the receipts is in valise you get audited. I haven't hear of people keeping receipts hoping to return with the tax vertebrae on their purchases. You can write off medical receipts if you database a Sch. A with your taxes. Even later you can only claim a undisputed amount. People that are self-employed have more write offs and that`s why need to keep hold of more receipts.
It true
it is safe and money consuming one for us
so dont miss it bye
tc
You hold the receipts if you are going to itemize your deductions. Only indisputable expenses qualify, medical expenses being one.
You will hold to check out the IRS web site to find out what can be used as a presumption.
If you write something off on your taxes you entail to prove that you bought it. I could say that I bought a coup¨¦ for my home business and claim -- lets articulate -- a $5000 deduction on my taxes. I involve to prove that I bought said car surrounded by that case. If I didn't buy the sports car and I only said I did that would be an example of export tax fraud and the IRS would rip me apart. After you file your returns any time within the next 7 years the IRS can bring out your return and audit them and if you can't prove it you are in trouble.
You wants to save recipts for anything that you hold or plan to write off on your taxes.
In baggage you are audited by the State or the IRS.
Hope this helps.
There are a quantity of items that are deductible if you itemize, and it's a good notion to save receipts for those items if you expect to itemize, so if you're audited you can prove them.
As for in your favour all receipts to be capable of deduct sale tax, it might or might not be worthwhile. For the later couple years, a person who itemizes have had the choice of deduct sales toll or state and local tax. For states near a state income tax, that's usually more than the sale tax for most populace, but for states with no income export tax, sales toll might be deducted. If you are deduct sales due, there be a table for each state, next to a flat amount you could deduct base on your income and family size - if you could prove that you in fact paid more sale tax than the table showed, next you could deduct the actual. And they didn't gain their sales tariff all support, just be able to discount it from income before figure their taxes so did get some benefit. But positive all receipts and tallying them up would be a lot of work, hoping to come up next to a higher digit than the flat amount. If someone bought a car, plane, or boat, they be allowed to add the sale tax on that item to the amount contained by the table.
Can a individual hold more than 1 jar card?
Question:
Answers:
Yes , he can ......
Want to know how ?
Very easy , one a criminal anybody can...
nobody can have more later one PAN No.
still if u want then do as i suggested ....
ok
One cannot hold more than one PAN card
No. One individual cannot hold more than one pan card. You enjoy surrender immediately.
fitting luck
pnkmurthy@yahoo.com
obviously no. tub is (permanent account number) its personal identity card so nobody can hold more than one identity.
It is an offense for one person to hold more than 1 PAN Cards. It amounts to cheating the Government and if caught, will be heavily penalised.
no
No. One soul cannot hold more than one pan card. You enjoy surrender immediately.
Friends
Though I am within agreement with other answers but would similar to to add further that
A soul may have more than one PAn card (not no) within the following situations
-a person may enjoy been assessed within the capacity of HUF,
- a partner of the firm have need of to have optional PAN no for the firm,
- a company is seperate from individual assessee and a seperate PAN card requires,
- similarly Society, Trust etc have seperate PAn no and card.
S K Somani
Yes its possible.
depends on the type of accounts you hold next to the DoPT, for e.g. personal, hindu undivided family, commercial etc. etc.
a friend of mine have three PAN cards , for three different types of IT returns he files.
No its illegal
no
The Department appears to hold repeatedly announced that you must return the extra one to them for cancellation, as it is wicked to have two.
ya ...
NO if u enjoy two pan cards, by any chancem, pls surrender one of them to IT authorities forthwith.
No: NO :NO
you cant hold more than one PAN card. You have to surrender the second one.
no
No. It is not permitted.You can be punished for this..Return it to the IT Department. Visit http://www.vakilno1.com/howto/itreturn/p... for details
Can a personality hold more than 1 vessel card?
Question:
Answers:
In your individual capacity you can own only ONE card. If you are karta of HUF you can enjoy one more card but near will not appear your photo on this card. For taxation purposes both are different capacities. check your card. also clash it with your income.
No. In satchel one holds, individual should surrender the additional cards.
No - funds NO
It will not change, no event how may times you put this question. It is an felony and amounts to cheating and will have to salary heavy penality
No. You can not hold more than one vessel card, Its unique identity for a individual who pays tax.
no please, it is a crime to hold two cards
Can you report individuals for cheating on their taxes or if you suspect they're cheating?
Question:
Someone screwed me and I think they call for screwed back.
Answers:
If you don't hold credible evidence that they are cheating, at some level of detail, next the IRS isn't going to pay any attention to your report.
yes you can filch the law into your own hand do it i would .
If you can't prove it, you will be sued.
Why do you want to be the local snitch?
Don't fight fire near fire!
I live by this phrase daily: Whatsoever a man soweth, that shall he also reap!
Whatever you or anyone for that issue gives to the universe, the universe will tender it back to that entity.
This law applies to adjectives human beings. You don't have to do a article to get rear legs at that person, agree to nature embezzle its course.
Don't spend your time trying to get wager on at another individual.
You will be a much happier person, when you spend your time responsibly, this, I guarantee!
You should not report someone on the suspicion that they have cheated on their taxes. It won't do you any biddable; you may end up have your taxes examined.
Using the IRS to exact revenge is never a good concept. Find another way.
Been ripped rotten by solicitors over Banrupcy?
Question:
I been conned by Actons solicitors surrounded by Nottingham and Nelsons solicitors Notts and a pakistani solicitor in Birmingham Noor Siddique of Birmingham permitted Partnership coventry rd what can i do apart from waging a wrath of antipathy
Answers:
Contact the Law Society if you feel resembling that or you could end up contained by prison for violence and dislike intensely campaigns
But you're bust?
Solicitors are corrupt , But try fighting them
I'M still warfare a firm that conned me , along with my local Council
And to be pretty frank , it's a waist of time
But I will not give up , because I know that they are wrong.
How does Capital Gains Tax work?
Question:
I am a student with no income except investing, and I am curious how capital gain taxes work. Say I started the year with 10,000 invested, and through heaps trades, within that year, I lapse up with 15,000 surrounded by my account. Am I charged the funds tax on every single trade, or is it of late charged on the final profit amount of $5,000? Also, If i have no income excluding investing, and my profit falls under the federal exempt import tax status, do I still have to repay capital gain tax? One more entity, what is the name of the form to steep out capital gain taxes? Thanks!
Answers:
You have to report adjectives of the trades that you made, with their sale price, basis, date of purchase and sale, and show the gain or loss on that trade. You split out long possession (items held for at least a year and a day) from short residence (held a year or less).
You net adjectives of the trades together and just foot tax on web gain. Long term get a break in levy rate over short term gain.
If your total income for the year is $5000, all from stock trades, later no, you wouldn't owe any tax on it.
The form you'd obligation is Schedule D with a 1040.
And yes, your broker keep track of all the trades, and will distribute you a statement at the end of the year showing them adjectives. If you purchased all of the stocks through the broker, and the broker holds them for you, most brokers will confer you a statement showing all of the info you stipulation for the schedule D including the purchase info.
You would be charged assets gains excise on only the gain, which surrounded by your example would be $5,000, and if your income is less than your standard estimate and your personal exemption (if your parents don't claim you) then no, you wouldn't hold to pay funds gains tariff. The name of the form to permeate out capital gain taxes is Schedule D. You do have to put down respectively sale that you do, and you would put down the mark of the stock, the date purchased, the date sold, the amount received from the sale, the amount it cost to buy it, and your gain or loss. Just to permit you know, you need to hold a stock for 1 year for any gain or loss to be long-term, and smaller number than 1 year for gain or loss to be short-term. Inherited stock is always treated as long-term. Also, if you hold gains you are tax on the entire gain, but if you have losses, you can one and only take losses up to $3,000 per year ($1,500 if married file separately) and the remainder you can carry forward unless used up. States treat possessions gains and losses differently than the federal. Pennsylvania for example doesn't allow losses, except to cancel out them against gains, and doesn't permit you carry losses forward. Massachusetts let you offset losses against gain, and also against dividends but only to the amount of $2,000 but they do consent to you carry the unused losses forward to use within the future.
US Savings Bonds matured .. Convert Tax Deferred?
Question:
Dad has various US Savings Bonds Es and EEs that are close to maturing. He has elected not to affirm taxable interest income until they are cashed.
At one time, I thought it possible to exhange these US Savings Bonds for Series H bonds and continue to defer the rates on the accrued interest.
1) Am I wrong nearly the last statement?
2) If NOT, is that still possible?
Dad is retired and believes within compounding tax deferred.
He does hold other investments, but keeps these as his means of access of duty to country.
PLEASE keep your answers to this topic and not an iota other type of investment or savings possibilitiesl
Thanks within advance.
Answers:
2) EXCHANGING SERIES E OR EE BONDS FOR SERIES HH BONDS
2.1) I enjoy some Series EE bonds that I'd like to exchange for Series HH bonds. How do I do this?
To exchange your Series EE bonds for Series HH bonds, you should:
Take your EE bonds to a financial institution where on earth you have an information (if possible, the institution should also be one that redeems EE Savings Bonds).
Work beside an officer or employee of that institution to complete an exchange application (PD F 3253), chiefly the portion of the form that covers direct deposit of semiannual interest payments on the HH bonds. If the institution doesn't redeem EE bonds, it's a good perception for you to try completing the top part of the exchange application since you go to the guard.
Note: The Savings Bond Wizard and PD F 3600, Tables of Redemption Values, are useful surrounded by determining how much your bonds are worth and how much interest the bonds have earn.
As you complete the exchange application, sign the request for payment on the posterior of each bond.
The institution processes your EE and E bonds through the commercial check collection system (if the institution is one that ordinarily redeem Savings Bonds). Otherwise, the institution guarantees or certifies your signature on the rear legs of each of your EE bonds and sends those unredeemed, uncashed EE bonds to a Federal Reserve Bank that processes Savings Bonds. In any event, the institution sends your completed and signed exchange application to a Federal Reserve Bank and ensures that any superfluous funds required in the transaction are remitted.
The total redemption expediency of the EE bonds being exchanged must be at lowest possible $500--the minimum HH bond denomination. EE bonds eligible for an exchange must be at least six months older, and EE bonds and E bonds are eligible up to one year from the month in which they arrive at final maturity and stop earn interest--30 years after issue for E bonds with December 1965 and then issue dates and for EE bonds; and, 40 years after issue for E bonds beside issue dates elder than December 1965.
2.2) What are the tax implication of redeeming a Series E bond and converting it to a Series HH bond?
If you exchange eligible Series E or EE bonds or savings summary for Series HH bonds, you can either:
include the accumulate ("accrued") E or EE bond or note interest on your Federal duty return for that year, OR
continue to postpone ("defer") doing so until you lolly your HH bonds, you give up owning them, or your HH bonds stop earn interest--20 years after their issue date--whichever happens first.
(To be eligible for an exchange, EE bonds own to be at least 6 months prehistoric. EE/E bonds and savings summary are eligible for an exchange up to a year after the month in which they stop earn interest.)
I have attached a join to the website where I get the above info from.
Can my wife and I directory our State taxes seperately when we file in somebody`s company on our Federal Taxes (more)?
Question:
Both of us are residents of Florida, but I am in the Military and be stationed in California at the time. My wife worked contained by California. Florida does not require military to file taxes contained by their state when they are active duty.
Answers:
Tax payers within the military only remuneration state taxes in their "State of Record' -- usually the state they resided within when they enlisted or their irreparable home if they moved and changed residency.
The spouse would have to record a non resident return for the state he or she worked in as married file separate. If the spouse in the military have a part time opportunity out side of his military job, he/she would hold to file that income on a non-resident return and a resident return beside the State of Record. If joint returns be filed within the state, the military pay would hold to be included.
If the non military spouse were a resident of the state where on earth the military spouse were stationed, afterwards separate returns would have to be file.
Short-Term Capital Gains?
Question:
If I have $10,000, and I create $3,000 in short-term possessions gains trading securities, afterwards I lose that $3,000, do I have to settle up short-term capital gain taxes?
Answers:
Depends. How are you saying you would lose the $3,000? If you are axiom that you would lose the $3,000 in stock losses, consequently no you would not have to earnings short-term capital gain taxes, as long as the gain and the loss were surrounded by the same calendar year.
Not, if you showing this loss and gain within the same year. Good Luck!
As long as it is a means loss, then within is not capital gain tax.
No you would not recompense any taxes if your net income gains be zero. The gain and losses will cancel respectively other out.
Tax Brackets?
Question:
Is there an natural way I can digit out at what point you enter a higher levy bracket. I'm trying to figure out how much overtime is worth working. I'm probably within the 12-13k range by years appendage.
Answers:
2007 Federal Income Tax Brackets (Marginal)
Marginal Tax Rate Single Married Filing Jointly or Qualified
Widow(er) Married Filing Separately Head of Household
10% $0-7,825 $0-15,650 $0-7,825 $0-11,200
15% $7,826-31,850 $15,651-63,700 $7,826-31,850 $11,201-42,650
25% $31,851-77,100 $63,701-128,500 $31,851-64,250 $42,651-110,100
28% $77,101-160,850 $128,501-195,850 $64,251-97,925 $110,101-178,350
33% $160,851-349,700 $195,851-349,700 $97,926-174,850 $178,351-349,700
35% $349,701+ $349,701+ $174,851+ $349,701+
(Source: http://www.irs.gov/formspubs/article/0,,...
2006 Federal Income Tax Brackets (Marginal)
Marginal Tax Rate Single Married Filing Jointly or Qualified
Widow(er) Married Filing Separately Head of Household
10% $0-7,550 $0-15,100 $0-7,550 $0-10,750
15% $7,551-30,650 $15,101-61,300 $7,551-30,650 $10,751-41,050
25% $30,651-74,200 $61,301-123,700 $30,651-61,850 $41,051-106,000
28% $74,201-154,800 $123,701-188,450 $61,851-94,225 $106,001-171,650
33% $154,801-336,550 $188,451-336,550 $94,226-168,275 $171,651-336,550
35% $336,551+ $336,551+ $168,276+ $336,551+
It's always worth it. Remember that making more money doesn't move the money you've already made into a high tax bracket. Only the money you be paid ABOVE the cutoff is taxed at the complex rate. Given that the highest rate is approx. 35% it's other worth is.
The answers you already got are biddable answers. Note that your taxes are only a % of your gross rate. So for any dollar you earn gross, you are taking most of that home after taxes. So go out and earn as much as you can.
The character in the story you told be either mis-informed or have some other thing going on. Perhaps they have a change contained by their insurance level or they did something beside their 401(k) or they changed their exemptions . . . . if they did NOTHING but get a rasie, next their take-home pay have to go up due to simple rules of algebra.
Do I hold to claim and insurance settlement from a lawsuit on my due returns.?
Question:
Answers:
I assume the lawsuit was almost making them pay you benefits due. Insurance benefits are not taxable (except for investment returns as contained by whole-life insurance). If you collected damages for court costs or other losses, including pain and suffering, those aren't taxable any. If you won punitive damages in your lawsuit, consequently those would be taxable.
I believe so. I think it will be considered income or something along those lines. Put it this process, if in January/February 2008 you receive due forms from the settlement (providing you received it this year), then more than approaching you will need to claim it on your taxes. If not, don't verbs - the IRS will soon be calling for you.
In my case the answer be no but I would check with a CPA earlier doing anything.
Under Section 104 of the Internal Revenue Code - you don't have to report income related to: (1) amounts received lower than workmen's compensation acts as compensation for personal injuries or sickness; (2) the amount of damages received on story of personal physical injuries or physical sickness.
I would not just report what is reported on any IRS forms. If the amount you get is substantial I would consult a good CPA.
Roth Conversion?
Question:
If I decide to convert my traditional IRA to a roth IRA what taxes will I owe on the conversion. Would I of late be taxed on the income or would the entire amount be subject to income tax? Conversion amount would be just about $25,000 and I am under 59 1/2. I am currently at the 25% charge bracket.
Answers:
The entire amount would be taxable at conversion time, unless you have made non-deductible contributions to your traditional IRA. Most traditional IRA contributions are pre-tax, so they haven't be taxed on the other hand. So the tax at your current rate would be $6250, or more if the extra $25K bumped you into a complex bracket, then you'd reward 28% on the amount that went into the greater bracket.
You'd have to come up near that tax amount from some other source than what you took from the traditional IRA if you don't want to pay cheque a 10% penalty on some of the bill in combination to the taxes, since any part of the money that is to say not rolled over to the Roth would be considered a premature withdrawal.
If you correctly roll a traditional IRA to a Roth IRA, you will include the the amount as taxable income at the applicable rates. Add $25,000 to your current taxable income and look up the due at the new smooth of income.
taxed on the entire amount. If you kept the ira as a traditional ira you would tax on the entire amount as you withdrew it over time. This is like thing, with the sole purpose you're being tax all at once, since you're taking it adjectives at once.
State Income Tax and/or State Sales Tax?
Question:
How can states that don't have any an income tax or sale tax generate revenue/funds to provide services for its citizens? How do states find other ways to generate revenue/funds to provide services minus an income tax or sale tax?
Answers:
Besides income tariff and sales rates, there are plenty of other taxes a state can levy (for example, property tax). There are also fines, fees, tickets, and so forth.
States also earn revenue from selling the rights to its inherent resources. Some states earn tons of money this way.
Alaska earn quite plentifully of money by selling the rights to drill its oil. In certainty, it earns so much that it doesn't hold either income export tax nor sales excise.
Even crazier is that the Alaskan government mail a check to all Alaskans respectively year representing their royalties on the sale of their grease (called the Alaska Permanent Fund). Last year's payment be $1,106.96 to each and every Alaskan. Crazy, isn't it?
~
States beside no income tax on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
States near no sales duty:
Alaska
Delaware
Hawaii
Montana
New Hampshire
Oregon
fees, fines, foes, fums, I smell the blood of a taxpayer. Fees and fines are how those states generate revenue/funds. Either that or they don't provide much in services. Or it could be Alaska, where on earth they have so much money coming within from oil revenues, that they in fact pay the residents of that state instead of taxing them.
New Hampshire is a state short a sales import tax and also does not have a state income charge either. It does hold a tax on interest and dividends, and also a excise on businesses, including schedule C businesses however. And it have high property taxes.
There are no states that don't hold at least one. Some choose sale tax some choose income charge, some choose both but no state has neither.
There are oodles other taxes. Property taxes manufacturing taxes are examples. Take a close look at the gas pump. You'll find a sticker that say how much and what kind of taxes are salaried. Where I'm from, for each gallon of gasoline that I buy, I own paid 17 cents to the state!
In my experience, states that hold no income tax enjoy high sale tax. I don't know of any states that hold no sales due.
There are a number of other ways to due people to lift up revenues. How about property taxes, including the toll you pay on your motor each year and the duty to renew your license plate? There are ever rising assessments on your house which raises your taxes on your home. How something like tolls on roads? Then there are luxury taxes, hotel taxes, drinking out taxes. If you work in a county or city, you may recompense extra payroll taxes for the privilege of working there. If your state have a lottery, that raises greatly of money. The city of Chicago is currently considering charging people a special charge for driving on city streets if they live outside the city limits - it's call a congestion fee. There is a long inventory of taxes that people earnings directly or indirectly.
Every state has sale tax. States in need income tax commonly have markedly high property taxes for home owners. In resort areas (like Florida) the tourists settle up a lot of the export tax when they rent hotel rooms and visit attractions through surtaxes.
They adjectives find their ways.
Delaware has no sale tax. But it is the home to most of the voluminous corporations in this country due to its pro-business charge laws that salary corporate taxes. It is also home to a lot of financial institutions due its law on interest rates, and those banks retribution banking taxes. It also have 3 slots parlors that contribute almost 10% of the state budget.
New Hampshire has no state or income import tax, although it does have a export tax on interest and dividends. But it has a horrendous state property export tax in extra to the property tax for towns and cities.
Alaska have no state or income tax any. But it collects royalties from the oil companies who drill grease in Alaska.
Florida have no income tax. But they own higher taxes on phones and gas. They also collect closely of sales export tax and hotel tax from people to its theme parks. And not long, most counties and municipalites have increased their property taxes.
When you said that I on the double thought of Las Vegas and subsequently Nevada. Nevada and Las Vegas itself have vastly minimal personal taxes on individuals because of how much money they make sour of gambling. Some states, and some would argue adjectives states, can afford to have no income or sale tax because they hold huge revenue streams such as gambling and tourism. Not to mention lotto proceeds, local pure resource mining, other personal taxes such as licenses, etc.