Consumer Math Unit 9.5 State Income Tax and 9.6 Cash Records
cash receipt record
An organized account of all money received
Arizona State Income Tax Brackets
Arizona has five marginal tax brackets, ranging from 2.59% (the lowest Arizona tax bracket) to 4.54% (the highest Arizona tax bracket). ...
Arizona Married filing jointly
For earnings between $0.00 and $21,202.00, you'll pay 2.59% For earnings between $21,202.00 and $53,000.00, you'll pay 2.88% plus $549.13 For earnings between $53,000.00 and $105,998.00, you'll pay 3.36% plus $1,464.91 For earnings between $105,998.00 and $317,990.00, you'll pay 4.24% plus $3,245.65 For earnings over $317,990.00, you'll pay 4.54% plus $12,234.11
Arizona Single Tax Bracket
For single persons in Arizona: For earnings between $0.00 and $10,602.00, you'll pay 2.59% For earnings between $10,602.00 and $26,501.00, you'll pay 2.88% plus $274.59 For earnings between $26,501.00 and $53,000.00, you'll pay 3.36% plus $732.48 For earnings between $53,000.00 and $158,996.00, you'll pay 4.24% plus $1,622.85 For earnings over $158,996.00, you'll pay 4.54% plus $6,117.08
how long must you keep receipts for taxes
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction
state income tax
Money collected by some state governments to be used for state public services, such as education and state road maintenance.
tax audit
an examination of your tax return by the IRS to verify that your income and deductions are accurate. A tax audit is when the IRS decides to examine your tax return a little more closely and verify that your income and deductions are accurate
cash payment record
an organized account of all money recieved
tax deduction
deduction that lowers a person's tax liability by lowering his taxable income. Deductions are typically expenses that the taxpayer incurs during the year that can be applied against or subtracted from his gross income in order to figure out how much tax is owed