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Understanding Federal vs. State vs. Local Taxes © (Getty Images) Cropped shot of a woman going through her finances at home When it comes to talking about taxes, federal income tax gets the lion's share of the attention. However, it is far from the only money paid by U.S. residents to the government. Most states have income taxes, and nearly 5,000 taxing jurisdictions across 17 states have local income taxes as well, according to the Tax Foundation, an independent nonprofit that conducts tax policy research. Across state and local jurisdictions, there is a wide variety of tax systems in us...

What Robinhood Traders Need to Know About Taxes 02/05/2021 | 05:44am EDT Send by mail : Message : By Laura Saunders Joseph Holler started day-trading stocks last July when he was stuck at home during the pandemic and his work slowed down. "It was fun and exciting. I enjoyed it," says Mr. Holler, a 38-year-old telecom salesman who lives near Huntsville, Ala., with his wife and their five children. Using several no-commission online brokers, he sometimes made more than 200 trades a day and thousands in 2020, according to brokerage records he provided. Overall, he says, he's ahead by...