America has a city, state, and federal tax system. Tax is deducted from employees pay directly depending on your job and rate of pay. The http://www.irs.gov/ is responsible for monitoring taxes and performs audits to assure that tax returns are being appropriately paid.
Some of this tax may be rebated, or more tax may be required, in an annual accounting done by the citizens with a due date of April 15th. Large firms like http://www.hrblock.com/ and www.turbotax.com can help citizens fill out forms on-line or in-person to determine how much taxes are owed or to be refunded. If you do not have stocks, pension plans, or other investments filing your own tax return is fairly simple and it is cheapest to complete by yourself on-line. If your return is more complicated, hiring an accountant or tax specialist to go through the paper work may end up saving you money.
Some local money managers include:
Ward's Accounting Service, Inc.
681 E. 181st Street Suite A
Bronx, New York 10457
Phone: (917) 664-0508
Margo's Bookkeeping Service
1577 West 4th
Brooklyn, New York 11204
Phone: (718) 627-2387
Fax: (718) 228-7121
HARA Accounting Office
501 5th Avenue, Suite 2009
New York, New York 10017
Phone: (612) 327-3259
Fax: (866) 334-0321
William G. Green CPA
250 South End Ave, #7A
New York, New York 10280
Phone: (917) 673-9255
Another option is to search in the Yellow Pages at: http://www.yellowpages.com/New-York-NY.
Foreigners are also taxed as anyone else living in the United States if they are a permanent resident, have a green card, or if they live in the United States on average at least 122 days over 3 years. Most countries have formed a partnership with the United States to insure that their ex-patriots are not doubly taxed, but check with your own country to confirm that your taxes are paid appropriately. For more information on taxes as a non-resident http://www.irs.gov/faqs/faq13-4.html.
For 2007, the Federal tax brackets for a single (unmarried) person are:
This applies only to amounts above $8,025 (standard deduction of $5,350 plus the one personal exemption of $3,400) for an individual. For example, a single individual would actually pay 0% on the first $8,750 of income, 10% on the amount of income between $8,751 and $16,575, 15% on the amount of income between $16,576 and $40,600, 25% on the amount of income between $40,601 and $85,850, and so on.
For a quick glossary of terms:
Local government is funded by local taxes such as property taxes. Additional taxes like sales tax and use taxes are also used. For detailed information on taxes in New York State, http://www.tax.state.ny.us/ and www.nyc.gov/tax_types are helpful.
State Income Tax: Ranges from 4 percent to 6.85 percent over five income brackets
Local income tax rate: 2.9% to 3.6% depending on income
Local sales tax rate: the City sales tax rate is 4 percent (in addition to the New York State sales and use tax of 4 percent and the Metropolitan Commuter Transportation District surcharge of 0.375%), for a total Sales and Use tax of 8.375 percent.
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