Calculate your state income tax step by step 6. The Illinois Department of Revenue, or IDOR, has released details necessary to the implementation of the state’s new income tax hikes, proclaiming the rates retroactively effective July 1, …
Overview of Illinois Taxes. CHANGE OF PAYMENT OF ILLINOIS ESTATE TAX TO THE ILLINOIS STATE TREASURER. In December 2011, the state acted to raise the estate tax exemption to $3.5 million for 2012, then to $4 million for 2013. However, in 2010, Illinois repealed the tax due to changes made that year to federal estate tax laws.

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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. Today we release our new 2012 State Business Tax Climate Index.. Each year we produce the Index to enable business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare.While total taxes paid is a relevant measure, another is how the elements of a state tax system enhance or harm the competitiveness of a state’s business environment. Sources: State income tax form, CCH State Tax Handbook Sources: State income tax form, CCH State Tax Handbook, Iowa Department of Revenue 2012 Tax Rate Update, Iowa Code 422.9, 422.12 (2012). No Illinois cities charge a local income tax on top of the state income tax, though. 97-0732, any and all payments of Illinois estate tax, interest and penalties must now be made payable to the Illinois State Treasurer. Massachusetts levies a flat tax of 5.25 percent on wages and salaries, 12 percent on short-term capital gains, and 5.30 percent on other classes of capital gain income. Iowa (e, f) Kansas If you want to automate payroll tax calculations, you can download ezPaycheck payroll software, which can calculate federal tax, state tax, Medicare tax, Social Security Tax and other taxes for you automatically.

Check the state tax rate and the rules to calculate state income tax 5. Then the Illinois legislature acted in 2011 to reinstate the state estate tax with the old $2 million exemption amount. Effective July 1, 2012, as a result of the enactment of SB 3802 as P.A.

Colorado, Illinois, Indiana, Michigan, Pennsylvania and Utah have a single, flat tax rate on all income.