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24 May, 04:02

Define: state income tax

Why is it imposed?

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  1. 24 May, 06:40
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    Tax levied on income at the state level. State income taxes have their own set of deductions and credits that may be awarded for certain activities, such as contributing to a state-sponsored 529 plan.

    State Income Tax is Imposed at a fixed or graduated rate on taxable income of individuals, corporations, and certain estates and trusts.

    The rates also vary by state.
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