|
What are the main differences between federal and state taxable income?
1. State taxes are nondeductible.
2. One-half of federal income tax liability is deductible.
3. Exemptions are limited to 75% of federal amount.
4. Retirees who are under $32,000 of income, married filing joint and $25,000, single, qualify for an exemption. $7,500 for over 65. $4,800 for under 65.
5. Qualified US Government interest is nontaxable.
6. Health Insurance Premiums are deductible for individuals without employer provided coverage.
|
