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| *Loan,banking and credit>>>income tax |
What's thd difference between filing for state and federal income taxes? |
do you get more money back filing for federal? or state? They are totally separate. For the federal, you get back whatever you paid in minus whatever you owe. Also, you might be eligible for the Earned Income Credit which is additional money that low income people get if they're working, and sometime middle income people with kids. At the state level, laws vary. Some states don't have a state income tax. In some that do, it's a flat rate, and many are graduated. If you're getting a refund, it's probably more common to get more from the feds, but it can go either way depending on your circumstances and what you paid in. More from Feds, as they take more from you. You always file both. You have to pay them both income taxes. If you over pay throughout the year you get a refund, but if you under pay then you will owe them money. It really depends. I have had both scenarios happen. One year I got back like 300 from federal and 50 from state, another year I owed 1300 federal, and got back like 65 from the state. The difference is one goes to the state and one goes to federal. Also, there are vast differences in the rules as to what is claimable income, deductions and tax rates. Generally, because you pay more into Federal, you get more back. But if you are single, with no dependents, don't expect much. I always had to pay a few bucks in to both when I was single. |
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