In 1911, Wisconsin Became the First State to Implement a Personal

question 41

True/False

In 1911, Wisconsin became the first state to implement a personal income tax, which was several years before the federal government enacted its own personal income tax.

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Definitions:

Taxable Wages

Earnings from employment or other services that are subject to taxation, after accounting for deductions and exemptions.

Rev.Proc.87-56

A Revenue Procedure published by the IRS in 1987, providing guidelines on the depreciation of property for tax purposes.

Revenue Procedure

Official guidance from the IRS on the operational practices it follows, aiding in tax compliance and planning.

IRS Regulations

Rules and guidelines issued by the Internal Revenue Service governing the administration of tax laws in the United States.