What are the differences between resident and non-resident taxation?

In South Carolina, resident and non-resident taxation are two different types of taxation that determine how taxpayers are taxed. Residents are taxed based on where they live. This means they are responsible for paying income taxes, sales taxes, and property taxes to the state. Non-residents are taxed based on their income, meaning they are only required to pay taxes in the state where they receive their income from. The main difference between resident and non-resident taxation is the amount of money owed to the state. Residents are liable for all taxes throughout the year, whereas non-residents are typically only required to pay annual taxes on their income. In addition, resident taxpayers are able to take advantage of certain tax-free benefits, such as deductions or credits, that non-residents are not eligible for. Non-residents also have to pay higher taxes on certain items, such as capital gains, as opposed to residents. Lastly, residents are required to file taxes both state and federal, while non-residents must only file taxes with the state they receive their income from. This means that non-residents are only responsible for taxes from the state where they earned their income. In conclusion, resident and non-resident taxation are two different types of taxation that have different rules. Residents are generally responsible for paying taxes year-round, while non-residents are usually required to pay taxes on an annual basis. Additionally, residents may be eligible for certain tax benefits, which non-residents are not.

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What are the differences between resident and non-resident taxation?

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