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IBO PROVIDES WEB-BASED INTERACTIVE "TAX RECEIPT" SHOWING TAXPAYERS HOW MUCH THEY SPENT FOR EACH GOVERNMENT SERVICE
Tax season is upon us and for the fourth year in a row the New York City Independent Budget Office (IBO) is providing its Tax Receipt service that allows taxpayers to find out how the government spends their tax dollars.
Taxpayers can visit IBO's website at www.ibo.nyc.ny.us, enter in the amount of taxes they paid for 1999, and receive an itemized printout of how much of their money went for specific services, such as prisons, welfare, Medicare, education, or national defense. Receipts are available for taxes paid to New York City, New York State and the federal government.
Income taxes are probably the largest expense for most people, but they have no idea how their tax dollars are spent," said Ronnie Lowenstein, IBO Deputy Director and Chief Economist. "IBO's Tax Receipt service provides taxpayers a breakdown-in dollars and cents-of where their money goes."
The report highlights NYC's unique tax diversity. While other large cities tend to rely primarily on just two taxes-most often property and sales taxes-NYC relies heavily on personal income and business income taxes in addition to property and sales taxes. Yet even if these income taxes were not included, NYC's tax effort would exceed the other cities' average.
For instance, a typical New York City resident might pay $1,563 in city income taxes, of which $158 supports Police, $160 supports elementary and secondary education, and $29 goes to libraries, museums, parks and gardens.
IBO's Tax Receipt is the basis for the federal Taxpayer-Right-to-Know-Act, which was originally introduced by Senator Charles E. Schumer (NY) and passed last year. The Act requires the IRS to establish a similar service on its web site.
IBO is an independent city agency whose mission is to provide non-partisan budgetary, economic, and policy analysis for the residents of New York City and their elected officials, and to increase New Yorkers' understanding of and participation in the budget process.
If you have employees, you are responsible for Federal Taxes
If you have employees, you are responsible for several federal, state, and local taxes. As an employer, you must withhold certain taxes from your employees pay checks. Employment taxes include the following. Federal income tax withholding Social Security and Medicare taxes Federal unemployment tax act (FUTA).
Newsroom
News about Taxation cases in Milwaukee and nationwide:
2004 Tax Law Changes Education IncentivesThe maximum Tuition and Fees Deduction is $4,000 for those with Adjusted Gross Income (AGI) up to $65,000... Read more >
Work Opportunity Credit and Welfare-to-Work Credit
Definition:
The work opportunity credit and the welfare-to-work credit are scheduled to expire for wages paid to individuals who began working for you after 2003.
Income taxes
Definition:
Taxes on income, both earned (salaries, wages, tips, commissions) and unearned (interest, dividends). Income taxes can be levied on both individuals (personal income taxes) and businesses (business and corporate income taxes).
Limited Liability Company
Definition:
An LLC may be classified for Federal income tax purposes either as a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in Regulations section 301.7701-3. See Form 8832, Entity Classification Election, for more details.
If you live in the following cities and need an taxation attorney you should contact
our Taxation Attorney as soon as possible:
Appleton
Beloit
Burlington
Chippewa Falls
De Pere
Eau Claire
Fond Du Lac
Franklin
Green Bay
Janesville
Kenosha
La Crosse
Madison
Manitowoc
Marshfield
Menomonee Falls
Milwaukee
Neenah
New Berlin
Oak Creek
Oconomowoc
Oshkosh
Racine
Sheboygan
Stevens Point
Sun Prairie
Superior
Waukesha
Wausau
West Bend
Wisconsin Rapids
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