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The Curious Bag
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A state tax is tax charged to residents and businesses in a state. The primary forms of tax used by states include property, sales, and income tax.
Property Tax
Property tax is money paid to the state each year having property located within the state. The amount paid to the state each year is based on a fixed percentage of a piece of property's value.
Income Tax
Income tax is a percentage of an individual's annual income. Each state has a different income tax rate. Several states, including Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming do not have an income tax.
Sales Tax
Sales tax is a percentage of the cost of an item or service added to the sale price of an item or service. Each state has a different sales tax percentage.
Toll
A toll is a form of tax charged by a state to utilize a piece of property owned by the state. The most common form of toll found is a highway toll, which is used by states to maintain highways located in their jurisdiction.
Corporation Tax
A corporation tax is a percentage of the total profits made by a company or association that is given to the state each year for the right to have a company or association within the state.
Source:
The best and worst states for taxes - MSN Money
Resource:
Federal and State Tax Forms Directory
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