The Difference Between Federal, State & Local Taxes

When it comes to talking about taxes, federal income tax gets the lion's share of the attention. However, it is far from the only money paid by U.S. residents to the government. Most states have income taxes, and nearly 5,000 taxing jurisdictions across 17 states have local income taxes as well, according to the Tax Foundation, an independent nonprofit that conducts tax policy research. Read Full Article »