What is the standard deduction for Illinois state income tax?
Deducting Illinois Income Taxes If you are single you can claim a standard deduction of $12,200. So, if you pay more than $12,200 in state income taxes and other itemized deductions, then consider itemizing your taxes.
What is the taxable income for 2011?
I. TAX RATES FOR INDIVIDUALS OTHER THAN II & III
|INCOME SLABS||INCOME TAX RATES|
|Rs.1,60,000 to 5,00,000||10% of the amount exceeding Rs.1,60,000|
|Rs.5,00,000 to 8,00,000||Rs.34,000 + 20% of the amount exceeding Rs.5,00,000|
|Rs.8,00,000 & above||Rs.94,000 + 30% of the amount exceeding Rs.8,00,000|
How much is the Illinois state tax?
Illinois sales tax details The Illinois (IL) state sales tax rate is currently 6.25%. Depending on local municipalities, the total tax rate can be as high as 11%.
How much state tax do I owe Illinois?
Illinois Income Tax Rate The state of Illinois has one flat individual income tax rate of 4.95%.
What is the percentage increase in the income from the year 2010 to 2011?
48,44,971 crore estimated on 7th February 2011), during 2010-11, as against the previous year’s Quick Estimate of Rs. 44,64,854 crore. In terms of growth rates, the gross national income is estimated to have risen by 8.3 per cent during 2010-11, in comparison to the growth rate of 7.9 per cent in 2009-10.
What is the Illinois state tax rate?
Illinois has a flat income tax of 4.95%, which means everyone’s income in Illinois is taxed at the same rate by the state. No Illinois cities charge a local income tax on top of the state income tax, though.
How do I calculate my Illinois taxes?
Illinois Paycheck Calculator. Use SmartAsset’s paycheck calculator to calculate your take home pay per paycheck for both salary and hourly jobs after taking into account federal, state, and local taxes. Overview of Illinois Taxes. Illinois has a flat income tax of 4.95%.
How does the Illinois state income tax system work?
The income tax system in Illinois emphasizes simplicity. The state’s flat rate of 4.95% means that you don’t need any tables to figure out what rate you will be paying. Also, the system’s heavy reliance on the federal tax code means you won’t need to learn a new set of rules for filing your state return.
How do I claim allowances for Illinois state income taxes?
On the state level, you’ll also claim allowances for Illinois state income taxes, on Form IL-W-4. Just as with federal withholding, your employer will withhold money from each of your paychecks to go toward your Illinois state income taxes.