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Determine how much state income tax the person owes. (See Example 1.)
A person who lives in Indiana has a taxable income of $49,000.
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Line 7 on the state income tax form is $49,000.
The state income tax is 3.4% of Line 7.
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Determine how much state income tax the person owes. (See Example 1.)
A person who lives in Indiana has a taxable income of $2,500,000.
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Determine how much state income tax the person owes. (See Example 1.)
A person who lives in Michigan has a taxable income of $25,000.
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Line 16 on the state income tax form is $25,000.
The state income tax is 4.35% of Line 16.
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Determine how much state income tax the person owes. (See Example 1.)
A person who lives in Michigan has a taxable income of $60,000.
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Use the Internet to determine whether the income is taxable by the federal government. (See Example 2.)
$100 gift card you receive from your parents
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According to current IRS tax regulations, taxpayers are allowed to give and receive small amounts without paying tax. Therefore, the $100 is not taxable.
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Use the Internet to determine whether the income is taxable by the federal government. (See Example 2.)
$2000 per year scholarship you receive for college tuition
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Use the Internet to determine whether the income is taxable by the federal government. (See Example 2.)
$ 250 bonus you receive from your employer
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Any bonuses or awards received by an employer are taxable. This also applies to noncash prizes such as vacations or other goods and services.
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Use the Internet to determine whether the income is taxable by the federal government. (See Example 2.)
$5000 prize you receive from a game show
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