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Community: Investing Wiki

Term Of The Hour

Illinois tax rate: Original post by Tiffany Garden of Demand Media If you are an Illinois resident or you work in the state during the year, you must file Illinois state tax returns and pay any income tax liability. Illinois uses a flat-rate tax system instead of tax brackets. The flat rate allows you to easily calculate your state tax, as you only need to know the tax rate in effect for the current year.

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