Tax Comparison Template

It is difficult to evaluate tax rates all through the world and it can be subjective up to some extent. Tax laws of most of the countries are tremendously intricate and due to these laws the tax burden cascade differently to different groups of the each country and associate state unit. Tax rates around the world are different but basically the tax system is focused on three types of taxes including corporate taxes, individual taxes and sales taxes and GST (Goods and Services Taxes). Every country has its own tax schedules for the properties and edible goods so it is necessary to check the available schedule to have estimate of your taxable income. Usually, taxes are being paid for the general budget of the government as the fees is required to pay for the specific social benefits.

Easy Ways for Sales Tax Comparison

New inhabitants of any state should conduct tax comparison. They should check for sales tax as it is differ from state to state. Some starts charge 7 percent sales tax while other states have no sales tax at all. Following steps will help you to compare sales tax by state:

Select the states that you want to compare such as if you are moving to a new state then look for its rules and regulations as well as tax terms before your move. It will be good to browse tax admin sites to find tax rate table of each state.

Sales tax chart will contain percentage of sales tax on different items. Asterisk sign under any item such as food, prescription drugs or any other item means the exemption of those items from tax. You can compare the taxes of new and old state before moving.

Do not forget to check additional taxes charged by local government because there are some clauses under which the additional sales taxes can be charged on discretion. It will give you a clear picture for your own tax comparison.

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Tax Comparison of Different States

Following is a short tax comparison of different states according to their tax brackets and number of earners:

States with Highest Earners

Hawaii, Maryland, New Hampshire and New Jersey are some countries where highest family earners exist. The average of salary was $60,000 in 2007.

States with Lowest Earners

Arkansas and Louisiana are some those states that have lowly earners because their average annual income was $30,000 in 2007.

States with Highest Tax Brackets

Rhode Island, Vermont, California, Hawaii, Iowa, Maine, New Jersey, Minnesota, Oregon and District of Columbia are some countries where the tax percentage was laid in upper tax bracket in 2008.

States with Lowest Tax Bracket

In 2008, South Carolina, Ohio and Oklahoma fall in lowest tax bracket categories.

No Tax States

Alaska, Florida, Nevada, South Dakota, Texas, Wyoming and Washington are some states that do not collect any income taxes.

Tax Breaks for Seniors

Washington D.C, and 26 other states have facility for seniors by providing them tax breaks on social security income.

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