article: state income tax rates: what they are and how they work\nin the previous resources youve learned…
article: state income tax rates: what they are and how they work\nin the previous resources youve learned that in addition to federal income taxes, states can also withhold income taxes from your earnings. review the article to learn more about how different states handle income taxes. then, answer the questions.\n1. what is the state income tax rate in the state you live?\n2. which states have no income taxes at all?\n3. what is the difference between a flat tax rate and progressive tax rate?\nwww.ngpf.org\nlast updated: 5/13/24
Answer
Brief Explanations:
- The state - income tax rate varies by state. You would need to check the tax laws of the specific state you live in.
- States such as Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming have no state - income tax on earned income (Tennessee and New Hampshire have taxed investment income in the past but have phased out those taxes).
- A flat tax rate is a single, uniform tax rate applied to all taxpayers regardless of income level. A progressive tax rate increases as the taxpayer's income increases, meaning higher - income earners pay a higher percentage of their income in taxes.
Answer:
- Varies by state. Check local tax laws.
- Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, Wyoming.
- Flat tax: single, uniform rate for all. Progressive tax: rate increases with income.