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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 Washington state, there is no general state income tax levied on the annual earnings of individuals, corporations, trusts, limited liability companies, or other legal entities. This means that residents and businesses in Washington are not subject to a state tax on their overall income. However, it's important to note that Washington has implemented a tax on extraordinary profits from the sale of financial assets, known as a capital gains tax. This tax applies to the sale of financial assets such as stocks and bonds when the profits exceed $250,000. The specifics of this tax, including applicable rates and exemptions, are defined by state law and may be subject to change through legislative action. As with any tax matter, consulting with an attorney or tax specialist is advisable for the most current and personalized advice.

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Taxes

state income tax

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Washington State Code

Taxes

state income tax

Washington State Code

Articles