
Originally Posted by
Sevilla91
lol not saying you are wrong, but don't ever quote Wikipedia if you wanna sound creditable
CALIFORNIA
Sales Taxes
State Sales Tax: California’s minimum combined state, county and local sales and use tax rate dropped to 7.25 percent (6.24 state-only portion and 1 percent collected by localities) on July 1, 2011. Rates will be higher in cities and counties with special taxing districts. Publication 71 lists combined sales tax rates for California cities and counties. (Food and prescription drugs are exempt.)
Gasoline Tax: * 48.6 cents/gallon
Diesel Fuel Tax: * 51.5 cents/gallon
Cigarette Tax: 87 cents/pack of 20
Personal Income Taxes
Tax Rate Range: Low – 1.0%; High - 9.3%. For 2010 the state has enacted a 0.25 percentage point increase in each of the state’s income tax brackets. A tax credit for dependents was reduced from $309 to $98.
Income Brackets: ** Lowest – $7,316; Highest – $48,029
Number of Brackets: 6
Personal Exemptions: Single – $102; Married – $204
Tax Credits: Single - $99; Married – $198; Dependents – $309; 65 years of age or older – $99
Standard Deduction: Single – $3,769; Married filing jointly – $7,538
Medical/Dental Deduction: Same as Federal taxes
Federal Income Tax Deduction: None
Retirement Income Taxes: Social Security and Railroad Retirement benefits are exempt. There is a 2.5% tax on early distributions and qualified pensions. All private, local, state and federal pensions are fully taxed.
Retired Military Pay: Follows federal tax rules.
Military Disability Retired Pay: Retirees who entered the military before Sept. 24, 1975, and members receiving disability retirements based on combat injuries or who could receive disability payments from the VA are covered by laws giving disability broad exemption from federal income tax. Most military retired pay based on service-related disabilities also is free from federal income tax, but there is no guarantee of total protection.
VA Disability Dependency and Indemnity Compensation: VA benefits are not taxable because they generally are for disabilities and are not subject to federal or state taxes.
Military SBP/SSBP/RCSBP/RSFPP: Generally subject to state taxes for those states with income tax. Check with state department of revenue office.
Property Taxes
Property is assessed at 100% of full cash value. The maximum amount of tax on real estate is limited to 1% of the full cash value. Under the homestead program, the first $7,000 of the full value of a homeowner’s dwelling is exempt. The Franchise Tax Board’s Homeowner Assistance program, which provided property tax relief to persons who were blind, disabled, or at least 62 years old, and met certain minimum annual income thresholds, has been halted. The state budgets approved for the 2008/2009 and 2009/2010 fiscal years deleted funding for this Homeowner and Renter Assistance Program that once provided cash reimbursement of a portion of the property taxes that residents paid on their home. For more information, call the Franchise Tax Board at 1-800-852-5711, or visit.
The California constitution provides a $7,000 reduction in the taxable value for a qualifying owner-occupied home. The home must have been the principal place of residence of the owner on the lien date, January 1st. To claim the exemption, the homeowner must make a one-time filing of a simple form with the county assessor where the property is located. The claim form, BOE-266,Claim for Homeowners’ Property Tax Exemption, is available from the county assessor.
Inheritance and Estate Taxes
There is no inheritance tax. However, there is a limited California estate tax related to federal estate tax collection.
For further information, visit the California Franchise Tax Board or the California State Board of Equalization.
* Does not include 1 cent local option.
** For joint returns, the taxes are twice the tax imposed on half the income.
TEXAS
Sales Taxes
State Sales Tax: 6.25% (non-prepared food, prescription and non-prescription drugs exempt); local option taxes can raise the rate to 8.25%.
Gasoline Tax: 20 cents/gallon
Diesel Fuel Tax: 20 cents/gallon
Cigarette Tax: $1.41 cents/pack of 20
Personal Income Taxes
No state personal income tax
Retirement Income: Not taxed.
Retired Military Pay: Not taxed.
Military Disability Retired Pay: Disability Portion – Length of Service Pay: Member on September 24, 1975 – No tax; Not Member on September 24, 1975 – Taxed, unless combat incurred. Retired Pay – Based solely on disability. Member on September 24, 1975 – No tax. Not Member on September 24, 1975 – Taxed, unless all pay based on disability, and disability resulted from armed conflict, extra-hazardous service, simulated war, or an instrumentality of war.
VA Disability Dependency and Indemnity Compensation: Not subject to federal or state taxes.
Military SBP/SSBP/RCSBP/RSFPP: Generally subject to state taxes for those states with income tax. Check with state department of revenue office.
Property Taxes
Property tax is imposed by local taxing units. Click here for details. For homeowners 65 and older, $10,000 (in addition to the regular $15,000 homestead exemption) of the property’s assessed value is exempt from school taxes and $3,000 is exempt from other local taxes. Once an over-65 homeowner qualifies for an over-65 homestead exemption for school taxes, that owner gets a tax ceiling for that home on school taxes. If the homeowner improves the home (other than normal repairs or maintenance), the tax ceiling is adjusted for the new additions. For details on the homestead exemption, click here.
School district taxes are frozen for seniors (65 and older) and disabled persons at the level imposed on the residence the first year that the taxpayer qualified for the residence exemption. Counties, cities, towns, and junior college districts are permitted to establish a tax freeze on homesteads of those age 65 and older or disabled. For more information on exemptions, click here.
Inheritance and Estate Taxes
There is no inheritance and the estate tax is limited and related to federal estate tax collection.
For further information, visit the Texas Comptroller of Public Accounts site.
I do have a Finance Degree with Honors, a CFP, and am a licensed investment representative
In this case Wilkepedia is correct
--Frankie LO---
--@frankielo--