Name a few states that do not have income tax requirement? How do the states without...
Name a few states that do not have income tax requirement?
How do the states without income tax requirement earn revenue?
What are sales and use tax?
Homework Answers
1. States that do not have Income tax requirement include:
- Texas
- Wyoming
- Washington
- Texas
- Nevada
- Florida
- Bermuda
- New Hampshire (on wage)
- Alaska
2. Some states like Nevada, Washington, Texas depend upon Sales tax and/or excise duties to compensate the revenue gap due to no income taxes. States like Alaska earn monies in form of Letting out Quarries, from mineral ores, etc. Few states collect the lost revenues from taxing on gambling and casinos, alcohol or cigarettes.
3. Sales Tax is defined as a tax on the sale of good or service within the state. Use tax is similar to sales tax, but it is charged on goods purchased from outside the state boundaries and used within the state
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