Personal current taxes
Personal current taxes are payments, net of refunds, made by persons that are not chargeable to business expense. Personal current taxes consist of taxes on income, including realized net capital gains, taxes on personal property, payments for motor vehicle licenses, and several miscellaneous taxes, licenses, and fees. Social security and Medicare taxes are not personal current taxes. They are treated as an employer (or employee or self-employed) contribution for government social insurance. Personal current taxes also exclude taxes on real property, sales taxes, and certain penalty taxes. Taxes on real property paid by persons, except those primarily engaged in the real estate business, are treated as a business expense that is deducted from both gross monetary rental income and gross imputed rental income in the derivation of net rental income. Real property taxes paid by persons primarily engaged in the real estate business are also treated as a business expense and are deducted in the derivation of proprietors' income. Sales taxes are included in personal consumption expenditures. Penalty taxes such as the penalty tax on early IRA withdrawals are treated as a personal current transfer payment to government.
Related Data Tables
For estimates relating to Personal current taxes please see the following tables
- In the annual state personal income and employment category: SA50