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