Where does State Ta...
 
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Where does State Taxable Income/State Tax Come From

 

Gerard Barber
(@barber980)
New MemberCustomer
Joined: 5 months ago
Posts: 1
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I live in a state (TN) that does not have a state income tax. However, the reports from PRC Gold list a State Taxable Income and a State Income Tax for every year going forward and I'm wondering where does this data come from.


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Stuart Matthews
(@smatthews51)
MemberAdmin
Joined: 9 months ago
Posts: 146
 

Gerard,

I believe it's true that TN does tax interest and dividend income and I've confirmed that PRC does indeed implement this assumption. Do, state taxable income should be interest and dividend income minus the exemption amount. This is then multiplied by the 2% flat tax rate to arrive at the state income tax.


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