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Am I the only one that pays almost the same amount in state and federal taxes?

Illinois has a 3% flat rate with basically 0% deduction. s Looking at my 08 taxes I just about paid that full 3% last year - I got a little return from the state. But after my federal deductions I only paid $150 more in federal taxes than in state taxes.

And, since Pat Quinn took over there was rumors of him raising the taxes to a flat rate of 4.5%, if that happens I might pay more in state taxes then federal.

Isn't that kinda messed up?


To give numbers on my taxes, I made $24k last year, reduced my federal taxable wages to about 8500, so I paid about $850 in taxes, I think Illinois gives you about $4000 deduction per dependent under 18 and thats it, because I paid about $700 in state taxes.

Whats your state tax like?

Answer Question
 
viridian

Asked by viridian at 10:44 AM on Nov. 12, 2009 in Politics & Current Events

Level 2 (10 Credits)
Answers (13)
  • No state income tax. But we do have a flat 6% sales taxes with a 1% surtax in my county. We have property taxes, too. So what we miss in the income tax, we do pick up elsewhere. If you can itemize, you have the ability to reduce the federal taxes by the amount of state taxes you paid.
    Anonymous

    Answer by Anonymous at 10:46 AM on Nov. 12, 2009

  • What state do you live in?!!! We have income tax and outrageous sales tax, in the city of Chicago sales tax is over 10%, plus you have income and property taxes on top of it.
    viridian

    Answer by viridian at 10:49 AM on Nov. 12, 2009

  • Our state taxes are one of the highest. It does kinda hurt. :-( When we lived in Florida and Nevada, there was no state tax. But,hey---OUR state has an excellent education- great school sytems. More high school graduates going to college. Lower rate of illiteracy. So--that is a benefit. I love my state so I won't complain.
    Anonymous

    Answer by Anonymous at 11:08 AM on Nov. 12, 2009

  • Yes, it all depends on your state tax rate. My husband works, lives and is a primary resident of IL. I am employed in and a primary resident of CA. We have homes in both places. Our tax return is a nightmare. So glad my husband's salary is earned in IL, such a smaller state tax burden. What's with the property taxes in Chicago? No one seems to be able to explain the rate calculation......

    Sisteract

    Answer by Sisteract at 11:09 AM on Nov. 12, 2009

  • I pay state tax on my income, but hubby and I combined don't. He is military and his home of record is Tennessee. No state income tax there. In Ohio I pay nearly 4.0% on every dollar earned.
    grlygrlz2

    Answer by grlygrlz2 at 11:12 AM on Nov. 12, 2009

  • Our new state tax rate starts at 9%. We will be paying more than 10%. I don't know about other states, but mine taxes any federal refund as income. I find this ridiculous since it was already taxed when the money was initially earned. Basically, you pay double tax on the money refunded from the federal return. This hurts the middle class most.
    yourspecialkid

    Answer by yourspecialkid at 11:15 AM on Nov. 12, 2009

  • The property taxes in chicago depends on the neighborhood you live in and the value of your home. There are about 50 different neighborhoods in chicago and the home values in chicago range form a few thousand to millions so its hard to determine. best option is to look at realty sites like zillow.com to have an idea on taxes.
    viridian

    Answer by viridian at 11:17 AM on Nov. 12, 2009

  • 1st anon here. I'm in FL. There are several other states without a state income tax, as well. There are also several states that have crazy tax systems taxachusetts is one and CA will find a way to get your money, even if you don't work there! (mainly for business income, but theirs system is fairly absurd. ) I am accountant and do taxes mainly for GA and some other states for clients who have business interests there. I never really paid attention to the amount of taxes paid as compared to federal though. I do know most of my clients are partial year or non residents of the states so their taxes are substationally less than if they lived there.
    Anonymous

    Answer by Anonymous at 11:59 AM on Nov. 12, 2009

  • I pay in almost equal for Fed and State I live in MN I get no refund for state and sometimes owe a little. I get a very small refund for Fed.
    Fordmomma

    Answer by Fordmomma at 12:15 PM on Nov. 12, 2009

  • Nevada has no state income tax. Our sales tax rate here is 8.1% (Clark County) and sales tax is deductible.
    JulieJacobKyle

    Answer by JulieJacobKyle at 12:25 PM on Nov. 12, 2009

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