Month: October 2022

The tax is applied to wages, salaries, and other compensation within certain thresholds, which are adjusted balance sheet periodically. The distinct components of FICA, namely Social Security and Medi...

Income tax deductions are expenses that can be deducted from your gross pre-tax income. Using deductions is an excellent way to reduce your Illinois income tax and maximize your refund, so be sure to ...

The Schedule WC-I, Withholding Income Tax Credits Information, provides detailed information about the withholding income tax credits, how to calculate them and where to report them. Sales tax is...

Illinois does not have an inheritance tax that heirs must pay. The state does have an estate tax on estates valued at $4 million and over, and this is paid by the estate. Illinois’ maximum margi...

This tool is freely available and is designed to help you accurately estimate your 2025 tax return. The 2025 tax rates and thresholds for both the Illinois State Tax Tables and Federal Tax Tables are ...

Qualifying deductions might include an itemized deduction, the Illinois standard deduction, exemptions for dependants, business expenses, etc. The difference between the exemption allowance and the st...

Illinois uses a flat tax system for income, meaning all taxpayers are taxed at the same 4.95% rate, regardless of income level. Once you’ve filed your tax return, all you have to do is wait for ...

Illinois provides a standard Personal Exemption tax deduction of $ 2,625.00 in 2025 per qualifying filer and qualifying dependent(s), this is used to reduce the amount of income that is subject to tax...

When filing an income tax return in Illinois, taxpayers begin with their federal adjusted gross income (AGI, or taxable income, is income minus certain deductions). From there, certain items may be ad...