![]() While the federal government taxes capital gains at a lower rate than regular personal income, states usually tax capital gains at the same rates as regular income. Capital gains are taxable at both the federal and state levels. Examples of capital assets include stocks, businesses, land parcels, homes, personal items and more. Personal exemptions, 2015Ĭapital gains tax See also: Capital gains taxĪ capital gains tax is a tax levied on the profit gleaned from the sale of a capital asset. These exemptions were equal to about $333 in 2015. California regulations also allow filers to receive exemptions for dependents. Exemptions for those filing as a married couple were equal to $216 in 2015. In California, state personal exemptions for single filers were equal to $108, which was lowest among its neighbors that allowed for personal income tax exemptions. ![]() The state exemptions for California and its neighboring states as reported by the Tax Policy Center are reported in the chart below. Both state and federal taxes allow exemptions. Įxemptions work by reducing the amount of an individual's taxable income. The personal exemption indicates that only a person's income above a certain level is subject to taxation. States that collect a personal income tax allow individuals to claim personal exemptions on income taxes each year. ![]() Source: Tax Policy Center, "Individual State Income Tax Rates 2000-2015," accessed September 29, 2015 Note: For complete notes and annotations, please see the source below. Because some states are excluded from the rankings and a few share common uppermost rates, there are 34 numerical rankings, with 1 indicating the highest uppermost rate and 34 indicating the lowest. Numerical rankings are tabulated by excluding states with no personal income tax (as well as New Hampshire and Tennessee, which charge income tax only on dividends and interest) and are based on the highest possible tax rate for which an individual might be liable. ![]() The table below summarizes personal income tax rates for California and neighboring states in 2015. In California, there are nine income tax brackets. A tax bracket is the income range to which a tax rate applies. An individual's tax liability varies according to his or her tax bracket. The personal income tax rates in California for the 2015 tax year ranged from 1 percent to 12.3 percent. Tax rates Personal income tax See also: Personal income tax The state's tax revenues per capita were $3,558, ranking 11th highest in the United States.
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