Posts Tagged ‘Facts’
Current Auto Loan Rates: the Facts as They are
I have written before that the most important thing to consider when applying for an auto loan is the current auto loan rates. These loan rates are responsible for determining how much you are going to end up paying for the car. So the most important thing you have to me in the look-out for is low car loan rates. In this article I’m going to talk to you about the current auto loan rates and give you some extra tips on the best places to look for low loan rates.
First off, you should know that there a 4 main different kinds of auto loan rates:
• 36 month car loan
• 48 month car loan
• 60 month car loan
• 72 month car loan
Each of them have different loan rates that fluctuate between 6.5% and 14%, sometimes climbing up to the 15% or 16%. The actual rate depends on you location and if you want a new auto loan or a used car loan, but the general rule of thumb is the lower number of months for the auto loan, the lower the car loan rate. Of course if you want a used car loan you should expect slightly higher loan rates than for new cars.
Virginia State Taxes – 5 Must Know Tax Facts For Virginia Residents
The taxes that the state of Virginia imposes on its citizens range form 2 % to 5.75%. The taxes are levied over 4 brackets of income tax.
1. Personal income tax:
The four brackets over which taxes are levied are listed below:-
- 2% for taxable income up to $3.000
- 3% for taxable income greater than $3.000 and lesser than $5,000
- 5% for taxable income greater than $5,000 but lesser than $17,000 and
- 5.75% for taxable income greater than 17,000$.
For a married couple filing joint returns, rate remains the same while the brackets of income are doubled. The residents of the state of Virginia should compulsorily file Form 760 (returns on resident income tax) by the first of may each year. The forms are available on the website of Virginia taxation department.
2. Sales tax:
The taxes levied on sales are about 4%. Another 1% additional combined sales tax is levied on most items purchased within the state. The sales tax on food has dropped to 2.5% and along with combined sales tax (which is about 1%) it comes to around 3.5%. The residents are subjected to use tax if they purchase items of worth greater than $100 for which they did not pay sales tax for. Some examples for this type of tax are, purchases made on the internet or mail order catalogues or T.V shopping channels. The taxes are also applicable on tax free purchases that are made outside the state of Virginia and then shipped into the state.
Tax Facts
With the due date for filing individual income tax returns having recently passed, this seems like a good time to reflect on the annual ritual of self-flagellation that Americans are forced to endure at this time of the year. The April deadline has become a sort of rite of passage for citizenship, although as things stand today almost half of all workers don’t pay any income tax at all.
Following are some random facts (in no particular order) about our income tax laws, who pays and who doesn’t, and the impacts our system of taxation has on the nation’s productivity.
When the 16th Amendment to the Constitution established the federal income tax in 1913, the intent was to tax only the very rich. Rates began at 1% and increased to 7% for taxpayers with income in excess of $500,000. Less than 1% of the population paid any income tax at all, compared with almost 50% of taxpayers paying as much as 35% of their taxable income today.
The top 5% of wage earners pay over 50% of total individual income taxes, while the top 10% pay almost 66%, and the top 50% pay approximately 97%. Translation: Just half of all taxpayers pay almost 100% (96.54%) of all income taxes, while almost 50% pay no income taxes at all.
The Internal Revenue Service (IRS) has approximately 115,000 employees (FTEs or full-time equivalents), and a total budget of $11.6 billion.