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Is Cost of Tax Preparation Software Deductible?
What Are Tax Preparation Centers?
How to Make Federal Budget Estimates
About Taxes & Buying or Selling a Business
What Is a Corporate Tax Credit?
How to Calculate Estate Tax Deduction
How to Fill Out W-4 Forms Correctly
How Are Property Taxes Calculated?
About IRS Form 3868
Who Must File a Tax Return?
About Unclaimed IRS Funds
IRS Rules & Regulations for FSA Accounts
What Happens When You Don't File a Tax Return?
What Is My Tax Bracket?
IRS 1099 Forms Instructions
1099-MISC Guidelines
What Are State & Local Taxes?
What Happens When You File Chapter 7 Bankruptcy?
How Not to Pay Federal Income Tax
What Are Tax Relief Provisions?
IRS Rules for Filing an Offer in Compromise
Purpose of State Income Tax
What Is a FICO Score Used For?
How to File Taxes for Free
What Is the Penalty for Not Filing Taxes?
Do I Need a Sales Tax ID Number?
Millions of Americans dread the arrival of April 15 each year, which is the last day in which residents fr… More
The purpose of state income tax is to provide the state with a revenue stream to use for public education,… More
Failing to file your state and federal taxes on time could make you subject to penalties. If you have forg… More
April 15 is the official filing date for federal income taxes. The original collection date, specified by … More
The states with no income tax are Texas, Nevada, Washington State, Florida, Alaska, South Dakota and Wyomi… More
Sometimes you have a refund coming back from your state when you file your state income returns. If you ar… More
Pay less income tax by considering whether to itemize deductions instead of taking the standard deduction,… More
You've filed your tax return and now you're waiting for your refund. Use the IRS's Where's My Refund? serv… More
There may be several reasons to need copies of your tax return. You may need copies to obtain a mortgage o… More
If someone dies, executors or trustees file estate taxes and also an income tax return for the year of dea… More
Filing a tax return in two states requires finding out what forms are required for different states, keepi… More
Once you have sent your state tax return by mail or e-filed it online, you can check the status of your re… More
Hear some expert advice about whether or not you should use online tax services in this free educational v… More
According to the Tax Foundation, a nonpartisan tax research group based in Washington, D.C., Americans req… More
Summary: The purpose of state income tax is to provide the state with a revenue stream to use for public education, health and human services, and correctional or rehabilitation services. Discover how state income taxes help to provide people with health insurance with information from an independent CPA in this free video on state income tax.
Miranda Chook is a CPA with expertise in international operations. She has held executive positions with both publicly listed and privately held companies. In addition to her finance...read more
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"My name is Miranda Chook, a CPA. Now most states impose an income tax. Right now there are 7 do not impose an income tax and 2 more that impose an income tax but only on interest and dividends. But for the rest of you, state income tax is typically your state's largest revenue stream, or one of the largest. Closely followed by your state's sales and use taxes and corporation taxes. Now again, depending on which state you're in, the uses of your income taxes are in general maybe the top 3 might be for public education. Now just K through 12 but also for higher education. It may also go to health and human services and one of the major programs that they administer has to do with providing health insurance to eligible adults which lower incomes such as Medicaid in New York or Medi-Cal in California. And rounding out this top 3 is also correctional and rehabilitation services or jails. So that's the purpose for collecting your income taxes. Now if you want more information about how your state is using your income taxes, take a look at your state's budget summary."
eHow Article: Purpose of State Income Tax
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