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How is the tax calculated? |
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(step 1) Ohio Adjusted Gross Income Line 3, Ohio 1040 or 1040EZ - $1400.00 per person exemption = school district taxable income. (step 2) School district taxable income x 1% tax (.01) = school district income tax per year. Senior Citizens (65 + older) receive one $50 tax credit per return. Sample Family of 4
| Sample of 2 Senior Citizens
| Adjusted Gross income = $40,000
| Adjusted Gross Income = $40,000
| 4 x $1,400 Exemption = $5,600
| 2 x $1,400 Exemption = $2,800
| Taxable Income = $34,400
| Taxable Income = $37,200
| $34,000 x (.01) 1% Tax = $344
| $37,000 x (.01) 1% Tax = $372
| | | - $50 Tax Credit = $322
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Income Tax Chart Samples
| Ohio Adjusted Gross Income on Line 3 of Ohio IT 1040 or 1040EZ
| Tax per year for a Family of 4
| Tax per year for two Sr. Citizens (includes $50 tax credit) | | $10,000 | $44.00
| $22.00
| | $20,000 | $144.00
| $122.00
| | $30,000 | $244.00
| $222.00
| | $40,000 | $344.00
| $322.00
| | $50,000 | $444.00
| $422.00
| | $80,000 | $744.00
| $722.00
| | $100,000 | $944.00
| $922.00
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Tax is collected through payroll deduction or estimated tax payments. An SD-100 School District Income Tax Return will be due by April, 15, 2009 for the first tax year.
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What income is NOT taxed? |
Social security benefits; disability and survivors benefits; railroad retirement benefits; child support; property received as a gift, bequest of inheritance; and workers' compensation benefits.
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Wages; salaries; tips; interest; dividends; unemployment compensation; self employment income; pensions; annuities; capital gains; IRA distributions; and alimony received. |
Any resident of the Galion City School District who is required to file and Ohio Income Tax Form.
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What is the 1.00% Income Tax? |
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The Galion City School District has a 1.00% traditional base income tax for a period of 5 years on the May 8, 2007 ballot. This tax will be in effect from January 1, 2008 until December 31, 2012. This 5 year period allows our community the opportunity to evaluate if an income tax is the best method for supporting our schools. An income tax allows all citizens of our community to pay a fair share to support our schools based on personal income. |
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