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Taxes

state income tax

Most states levy an income tax on their residents that is in addition to the federal income tax. Laws vary from state to state but in most states the state income tax is a tax on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities.

There are nine states that do not have a state income tax—including Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. But New Hampshire levies a tax on capital gains and Washington state recently enacted a tax on extraordinary profits from the sale of financial assets over $250,000.

In Indiana, residents are subject to a state income tax in addition to the federal income tax. The state income tax applies to the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities. Indiana's state income tax system features a flat tax rate, meaning that all taxpayers are subject to the same percentage rate regardless of their income level. This is in contrast to states with a progressive tax system where the tax rate increases as income rises. It's important for residents and entities in Indiana to understand their tax obligations under state law and to file their state income tax returns by the appropriate deadline each year. Indiana's Department of Revenue administers the state's tax laws and provides guidance on how to comply with state income tax requirements.

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Taxes

state income tax

Individual & Family Legal Plan

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Indiana State Code

Indiana State Code

Taxes

state income tax

Articles