Money — 6 months ago

Virginia Income Tax Law in Full

by Garry S.

Virginia Income Tax Law, Virginia Income Tax Laws

What are the Income Law Requirements in the State of Virginia

We do not enjoy paying income taxes, even if we know that it is being paid to the government for a good cause. Income tax is a monetary charge that is levied on your income by the government. It is the income that is usually generated by businesses and individuals within a state’s jurisdiction. According to the law, it is mandatory for taxpayers such as yourself to file an income tax return annually and to determine what your tax obligations are. It is essential to know that income tax is a source of revenue for the government. The monetary gains are used by the government to fund public services, pay for government obligations, and provide goods for citizens.

In the U.S, some taxes are imposed at a separate federal, state, and local government level. Taxe charges are imposed upon income, payroll, property, sales, capital gains, dividends, imports, estates, and gifts, as well as various fees. The taxes, however, fall much more heavily on labor income than on capital income.

The state of Virginia has a progressive income tax that varies from person to person. There is a 2 percent tax rate on the first $3,000 of income earned, all the way up to 5.75 percent for taxable income for individuals who earn over $17,000. Virginia uses federal income laws as a basis for calculating state income tax, similar to other states.

Virginia Income Tax Law

Who is required to file tax returns in Virginia?

It depends on various aspects. In Virginia, individual income tax applies to the income earned from all sources for residents and Nonresident individuals who reside in the state of Virginia. It is mandatory to file a return if you make income in Virginia and meet the following general requirements:

- Are required to submit a federal income tax return;

- Are single with revenue more than $11,950; or

- Are married filing jointly with a combined income which is more than $23,900; or

- Are married filing separately with income more than $11,950

 

Penalties for filing late or failure to file taxes in Virginia

An individual will owe a penalty to the state for late filing if their return shows a balance due and the performance was registered after the extension period ends. Generally, they will compute a late filing penalty of 30 percent of the tax due along with their return.

If an individual files their return within six months after the due date, and the tax owed is more than 10 percent of the total tax liability, they are obligated to pay for an extension penalty on the balance of tax that is due. The extension penalty applies at the rate of two percent per month, or part of the month, from the due date through the date your return is filed.

Virginia Income Tax Laws

Personal income tax brackets in Virginia

Virginia’s income tax rates are assessed over four tax brackets:

- 2% on the first $3,000 of taxable income.

- 3% on taxable income between $3,001 and $5,000.

- 5% on taxable income between $5,001 and $17,000.

- 5.75% on taxable income of $17,001 and above.

Department of Taxation in Virginia
Taxpayers who receive correspondence from the Department of Taxation with matters that concern their return may contact the Commissioner of the Revenue for assistance or may call the Department of Taxation.

Estimated Tax Payments in Virginia
The taxpayers in Virginia who make an estimated tax payment are obligated to file Form 760ES Voucher 1 every year, on or before 1st of May with the Commissioner of the Revenue's office. All payments required for that tax year are sent to the City Treasurer and need to be filed by the due date on the respective voucher.


Related


Search Background Check in Minutes!

InfoHub by GoLookUp covers the latest and most comprehensive latest updates, news and information from around the web. InfoHub writers explore the internet and collect, analyze and deliver valuable information for our readers.

Golookup © 2015 - 2019 · All Rights Reserved