HB24 Alabama 2015 1st Special Session
In determining the amount of income that is subject to tax under current law, taxpayers are allowed to deduct, from income, the full amount of Federal Insurance Contribution Act (FICA) taxes withheld from wages and the full amount of taxes paid on self-employment income. FICA and self-employment taxes are composed of two components, Medicare taxes and Social Security taxes
This bill would amend Section 40-18-15 to remove the deduction for FICA taxes paid and to limit the amount of self-employment taxes that can be claimed as a deduction against income
To amend Section 40-18-15, Code of Alabama 1975, relating to income tax, to remove the deduction for FICA taxes paid and to limit the amount of self-employment taxes that can be claimed as a deduction in the determination of taxable income.
|August 3, 2015||H||Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund|
|Bill Text||HB24 Alabama 2015 1st Special Session - Introduced|