Income Tax Pennsylvania Income Tax Term Paper

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The state of Pennsylvania also levies additional taxes on its citizens.

Taxes are levied not only for individuals, but also for businesses. Taxes are levied differently for incorporated and non-incorporated businesses. Incorproated businesses are considered an independent entity and is therefor taxed independent of its owners. This is commonly referred to as double taxation meaning the owner of the corporation must pay taxes twice, once on the salary derived from the business and once on the busisiness's total income. Non-incorporated businesses are viewed as being an extension of the individual tax payer, so the payer must only file one form and pay one total amount (571).

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State taxes are linked to Federal Income Taxes in that Federal Taxes deduct the amount owed in state taxes from the tax payer's gross income. This is meant to ensure that tax payers are not taxed twice for money that was already paid to the government. Additionally, states will occasionally reduce or eliminate certain taxes in an attempt to stimulate the economy in response to increases in federal taxation (567).

Americans pay taxes based on a graduated indexed tax structure. The amount of taxes paid are graduated based on the specific brackets (598). These brackets are adjusted annually by the IRS to take into account inflation......

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