State and Local Taxes
Generally, you don't have to pay federal tax on the amount of state and local taxes you pay.
Local taxes
Property, sewer, school, or other community paid to a locality. Local taxes are usually deductible for federal income tax purposes.
Local Taxes
Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
State and local taxes vary widely and some states don’t levy income taxes at all. The best way to estimate your local income tax rates is to Google “tax brackets 2010,' along with the state where you live.
Usually also expresses the opinion that interest on the securities is exempt from federal income tax and, in some cases, from designated state and local taxes. Also referred to as 'legal opinion' or simply as 'the legal'.
Government debt obligations that are not subject to state and local taxes.... UAE Dirham The AED, the currency of The United Arab Emirates (UAE)
All interest is paid at maturity and is exempt from state and local taxes. Series HH Bond A registered bond that is issued at par in exchange for EE bonds. Interest is paid semiannually and is exempt from state and local taxes.
Government securities are attractive to investors because are free of default risk, benefit from state and local taxes exemption, and are among the most liquid of financial instruments.
If an item (an automobile, for example) sells for $9,950 but the buyer pays $10,650 (sales price plus state and local taxes).
addition of itemized deductions claimed for state and local taxes, certain interest, most miscellaneous deductions, and part of medical expenses.
subtraction of any refund of state and local taxes included in gross income.
Municipal bonds are free from federal tax on the accrued interest and may also be free from state and local taxes if they are issued in the state of residence.
Thus, although the level of federal taxes has been relatively constant for nearly thirty years, total taxes have increased because state and local taxes have increased.
Agencies are exempt securities, and interest on many are exempt from state and local taxes. Securities are publicly offered in various ways through investment banks or direct sales to investors.
The interest from savings bonds is exempt from state and local taxes, and no federal tax on EE bonds is due until redemption.
Does not include the impact of state and/or local taxes. Savings accumulated in certain tax-advantaged investments are taxable as ordinary income at the time of withdrawal.
In the United States, federal, state, and local taxes account for a significant portion of the price of gas. Taxes on gas are considerably higher in Europe than they are in the United States.
Municipal bonds in which interest is free from federal, state, or local taxes for residents of the states and localities that issue them. If the bondholder is not a resident of the state, the interest is only exempt from federal taxes.
The AMT is often triggered when an individual has numerous personal exemptions, such as for state and local taxes; large miscellaneous itemized deductions or medical expenses; or Incentive Stock Option (ISO) plans.
Asset allocation ...
A debt obligation whose interest is exempt from federal, state and/or local taxes--commonly called a "municipal bond" or just "municipals".
Rack rents were originally used as the basis of the calculation of rates (local taxes) and rateable value. This system of local taxation was replaced first by the Community Charge (poll tax) and then in 1993 by the Council Tax.
Federal tax-exempt status does not guarantee exemption from state and local taxes. These exemptions generally have separate application processes and their requirements may differ from the IRS requirements.
While Treasury bonds are federally taxable, they are exempt from state and local taxes. Treasury bonds are considered among the most secure investment in the world, since they are backed by the federal government.
Treasury Direct ...
And for residents of the issuing state for single-state funds, the dividends are also exempt from state and local taxes. Capital gains on these funds are never tax exempt.
The interest obtained from these bonds is exempt from most federal taxes, but may be subject to state and local taxes. Capital gains from municipal bonds are subject to federal, state and local taxes.
A security in which the income produced is free from federal, state and local taxes. Most tax-exempt securities come in the form of municipal bonds, which represent obligations of a state, territory or municipality. For some investors, U.S.
Increasing numbers of taxpayers trigger the AMT if they deduct high state and local taxes or mortgage interest expenses, exercise a large number of stock options, or have significant tax-exempt interest.
TRIPLE TAX EXEMPT " Municipal bonds in which the bondholder pays no federal, state, or local taxes on the interest. In general, bonds issued by possessions and territories of the U.S. (e.g. Puerto Rico) are triple tax exempt.
Areas set up specifically to attract treasury may be located in tax environments where local taxes are low and where there is special treatment of foreign earnings. They will be located in countries with extensive tax
By Martin O’Donovan ...
Property, sewer, school, or other community paid to a locality. Local taxes are usually deductible for federal income tax purposes.
Location-specific advantages ...
Transfer Taxes: State and local taxes charged for the transfer of real estate. Usually equal to a percentage of the sales price.
Individual Retirement Account - IRA
Insurance policy
Interest tax shield
Job Hunting Expenses
Local taxes ...
Form W-2 A form that provides the employee with a summary of earnings and amounts withheld for federal, state, and local taxes; also called a wage and tax statement.
T-Bills are typically sold at a discount and are exempt from state and local taxes. The money you will make on a T-Bill is the difference between the face value of the T-Bill and what you paid for it. T-Bills are sold in $1000 increments.
Municipal bond: Also called a muni. A bond issued by a state or political subdivision that pays interest, which is usually exempt from federal and, in some cases, state and local taxes. (See also alternative minimum tax.) ...
The AMT is triggered when there are large numbers of personal exemptions on state and local taxes paid, by Incentive Stock Option (ISO) plans, or large numbers of miscellaneous itemized deductions or medical expenses.
TAX-DEDUCTIBLE: An expense that is deducted from a taxpayer's adjusted gross income to determine taxable income, for example, medical expenses, state and local taxes, ...
They tend to be low-risk and, therefore, are low-yield, but to help these governments raise money, many of these bonds are exempt from federal taxes (as well as state and local taxes for residents).
In general, interest paid on municipal bonds is exempt from federal income taxes and state and local taxes within the state of issue. However, interest may be subject to the alternative minimum tax (AMT).top ...
They are tradeable receipts which show that the underlying shares are held on deposits by a bank in the corporation's home country. The bank collects dividends, pays local taxes and converts them to dollars for distribution to shareholders.
Non-marketable debt securities issued by the U.S. Treasury Department that are backed by the full faith and credit of the federal government. They are considered low risk, and the interest income is generally not subject to state or local taxes.
When referring to a marginal tax rate, economists typically consider a combination of federal, state, and local taxes. As such, marginal tax rate applies to all tax brackets. An increased marginal tax rate is often debated.
Tax Bracket: Tax bracket is the maximum rate at which a portion of a person's taxable income would be taxed. Unless otherwise indicated, the term ''tax bracket'' refers to the sum of rates for federal, state and local taxes.
Interest on treasury securities is exempt from state and local taxes but is subject to federal income tax. Treasury bills have maturities of one year or less. Treasury notes have maturities ranging from one to ten years.
The term also designates bonds issued by state agencies and authorities. In general, interest paid on municipal bonds is exempt from federal income taxes and state and local taxes within the state of issue.
Since they are backed by the full faith and credit of the U. S. Government, they are considered virtually free from risk of default. For individual investors, the income of Treasuries is exempt from state and local taxes.
Tax Shelter A technique that allows an investment to be legally exempt from federal, state, and local taxes to varying degrees.
Long-term capital gains are taxed at a 15% rate. The after tax portion is then reinvested in the fund. State and local taxes are ignored, and only the capital gains are adjusted for tax-exempt funds, as the income from these funds is nontaxable.
are fully taxable, municipal bonds issued by state or local government agencies are free from federal income tax and usually free from taxes of the issuing jurisdiction, and Treasury bonds are subject to federal taxes but not state and local taxes.
Local Taxes
In the US, taxes paid by an individual to a local state or county that are deductible on the persons federal tax return. In the UK the neare...(Read more)
Lock-in ...
Interest can be earned for up to 30 years and interest is exempt from state and local taxes, with no Federal tax until redemption. SERIES HH BONDS A non-marketable U.S.
These bonds are exempt from federal taxation and from state and local taxes for the investors who reside in the state where the bond is issued.
Interest paid by most municipal bonds is exempt from federal income tax and often from state and local taxes as well.
 See also: Expense, Banks, Saving, Values, Compensation
  
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